Background: Yassin’s mother struggles to pay for his private highschool tuition. However, Yassin’s mother and stepfather are seen spending money on other goods and services such as a birthday cake, alcoholic beverages, a dinner at a restaurant, rent, and food.
Question: Resources are limited and scarce. Define the concept of “opportunity cost” using Yassin’s situation.
Concepts: Human capital, opportunity cost, fiscal policy, fiscal multiplier
Background: William is excited to go to school. However, he learns that his father, Trywell, is struggling with school fee payments.
Question 1: Which factor of production is William contributing to? Use the Solow model and its production function to explain the relationship between this factor of production and the country’s output.
Question 2: Trywell tries to save money for school tuition. What is the opportunity cost of sending William to school?
Question 3: Should the Malawian government pay all pupils’ school fees? Using the fiscal multiplier, explain why some countries spend money on education programs.
Background: After Jenny’s maternity leave ends, her husband Ian decides to quit his job and stay home with their daughter. Frankie quits her job at a wellness center. Anne’s bosses discover that she has been working for both their companies and is being laid off from both jobs. She becomes depressed from the news.
Question: Neither Ian, Frankie, nor Anne is working. Which one(s) of them are considered unemployed?
Background: After Jenny’s maternity leave ends, her husband Ian decides to quit his job and stay home with their daughter. Frankie quits her job at a wellness center. Anne’s bosses discover that she has been working for both their companies and is being laid off from both jobs. She becomes depressed from the news.
Question: Neither Ian, Frankie, nor Anne is working. Which one(s) of them are considered unemployed?
Background: Spike needs intel from the sushi chef, but the sushi chef is not interested in taking risks to get it. However, after Spike shows him a large amount of money, the Sushi chef accepts to look into the information Spike needs.
Question: Why did the money provided by Spike change the sushi chef’s answer? Explain using basic economics concepts.
Concepts: Opportunity cost of time, best response strategy
Background: Eniola is campaigning to convince people to vote for her. However, as she is not the only candidate, other aspirants and their teams could potentially react to reduce Eniola’s campaign’s efforts.
Question: What could be some strategies Eniola’s competitors could implement in this situation? Can the strategies be applied at the same time? How could they select the appropriate strategy(ies)?
Concepts: Opportunity cost of time, labor participation
Background: Journalist Dapo Banjo decides not to investigate a time-sensitive matter, to take care of his son instead. Conciliating career and childcare is a dilemma most families must navigate.
Question: Using course concepts, discuss how having to provide childcare impacts labor market decisions.
Background: In this clip, Zeynep is offered her dream job in London. However, she is also a member of the loyals, the secret society that devotes their lives to help the protector. She finally decides to decline the job offer in London to stay and help the protector in his duties.
Question: Using economics concepts, explain why Zeynep declined the job offer in London.
Background: Harriet needs a piece of information that requires a government agent’s help. When she asks him directly, he refuses. However, when Sami and Mustafa ask with a physical threat, he accepts.
Question: Explain in economic terms why the government agent provided differents answers to Harriet, and Sam and Mustafa.
Background: Jet has some knowledge about mechanics, but he is not a trained expert. This allows him to make some repairs on the spaceship, but they may not always be appropriate. The clip portraits a situation where a mechanical expert looks at and needs to fix an improper repair that Jet made.
Question: If Jet repairs the spaceship himself, would it be counted in the Gross Domestic Product (GDP)? What about if he pays a professional repair service?
Background: Faye does not know her origins. However, she has just discovered some information that could lead to finding more about where she comes from. At the same time, Jet needs her help to save Spike. She must decide whether to follow one or the other path.
Question: Explain how economists would recommend Faye to make this decision.
