Categories
Health Supply & Demand

Healthcare or a Messenger Bag

Mateo came down with an ear infection and his coworkers helped raise funds from store customers. He was secretly able to get some antibiotics so the money that was raised doesn’t need to go to a doctor’s visit. Instead, he considers spending the money on a messenger bag instead of healthcare.

Categories
Supply & Demand

Lottery Debate

Mateo and Cheyenne discuss what they would do if they won the lottery. The two list a variety of different items they would spend their money on after receiving their income boost. This income adjustment would result in the two of them purchasing normal goods, specifically luxury goods. These purchases are driven by income changes, not by the price of those products.

Categories
Labor Statistics Supply & Demand

Winning the Lottery

What would you do if you won the lottery? This clip fits nicely with two different sections of an economics course. The first is how people respond to income increases in terms of purchasing normal goods or luxury goods. For labor economics, this discussion is a good segue to discussion how increases in income decrease the time people devote to work assuming leisure is a normal good.