Planet money monopoly history9/18/2023 Resources in that equation include materials, capital, and labor. Scarcity is a basic economic problem: People have unlimited wants and needs, but the world has limited resources. This story explores an important economic question: When a kid loses a tooth, how much should the tooth fairy pay? That may sound like a joke, but the tooth fairy’s payoff provides an example of inflation-the amount by which the price of goods and services increases each year-and of the economic principle called “income elasticity of demand.” Listen to the story to find out what teeth are going for these days, and what economists have to say about it. How the Tooth Fairy Helps Explain the Rising Cost of Parenting Listen to learn about how these protesters tried to keep their world from changing. They challenged the factory owners, sometimes violently destroying the machinery that was transforming their lives. In the early years, workers did not like the changes. The Industrial Revolution changed forever both the way goods are made and the lives of the workers who make them. GDP provides a way to see the fluctuations in a nation’s economy over time. When GDP gets bigger, conventional wisdom says that the economy is healthy and growing, while a shrinking GDP means that something is wrong. Knowing their GDP helps countries monitor how strong or weak their economies are. Gross domestic product, or GDP, measures the value of all the goods and services produced in a country during a year. Listen to find out why these stores do it differently and why, despite breaking the rules of retail, they thrive. But some members-only warehouse stores break all those rules-and succeed anyway. These include: attract as many potential shoppers as possible make it easy for them to find what they need and make it appealing for them to return often so that they will spend money at the store. Some basic economic norms shape how most retail stores operate. How an Entrepreneur Created the Big Box Store Listen to this story to find out how a country rich in natural resources has descended from wealth and democracy into financial and political chaos. Venezuela has one of the world’s largest oil reserves, but its economy has collapsed, and its government isn’t doing too well either. Government Failure and Venezuela’s Economy Listen to the story to learn who is on his way to winning the bet and why. A hedge fund manager took him up on the challenge. Warren Buffett, made a $1 million bet that he could beat the earnings of any hedge fund with his own investments in low-risk index funds. Some pool their money with other investors in hedge funds. Millions of people invest billions of dollars in the stock market to make their money grow. Listen to learn about how licensing also offers economic benefits to people in licensed professions as it keeps others out of the job market. Licensing exists to protect consumers from untrained, unqualified providers. Licenses are issued by states and usually require some kind of education or training, test, and/or fee. To work in many occupations, people must get a license. Listen to this story to understand how government-mandated changes in the market structure had unintended consequences. The new policy regulated competition by making the fishing more efficient. Fishermen pushed back, and a new policy was put in place that has made the industry safer. Government policies designed to prevent overfishing inadvertently made halibut fishing in Alaska very dangerous. A Change in Market Structure Protects Alaskan Fishermen Over 10 years and more than 1,000 episodes, the podcast has drawn millions of regular listeners through humor, storytelling and an accessible style. NPR’s Planet Money is a podcast about the economy for people who think they aren’t interested in economics. You can assign these specially edited episodes-plus assessment questions-to students through our Econ Lowdown Teacher Portal. Teachers, our Economic Education team is proud to provide this collection of Planet Money episodes for your class.
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