Price Tag (featuring B.O.B)
Media Type: Music Topic: Marginal Thinking
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The willingness to pay, or demand for a good, is a function of its price. Jessie J. urges listeners to “forget about the price tag.” Does Jessie J. know what she is saying? More than you might think! She goes on to add, “Money can’t buy us happiness.” Here Jessie J. channels her inner economist. Since diminishing marginal utility applies to money, just like every other good, happiness studies consistently find only a weak correlation between additional money and more utility. Or as Jessie J. put it, “Why is everybody so obsessed? Money can't buy us happiness. Can we all slow down and enjoy right now. Guarantee we'll be feelin' alright.” By utilizing this song, you will be able to convey to your students that economics is about more than just money, or as the standard definition states: economics is the study of how people allocate their limited resources to satisfy their nearly unlimited wants.
Content derived from AEA 2013 Poster Session: "Staying Relevant: The Best Media for Teaching and Learning Economics in the Last Five Years," by G. Dirk Mateer and Kim Holder.
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