• Planning a family trip - a look at diminishing returns

Planning a family trip - a look at diminishing returns

Posted By: Michelle Balconi

The snow and cold temps this month have many families looking forward to warmer days ahead and the possibility of a trip during mid-winter break. In chapter 2 of Let's Chat About Economics the kids are bummed about not jetting off to a tropical vacation while mom decides a lesson in diminishing returns is in order. This family decides to seek out the warmest temps for the least expense - check out the book to see how this adventure ends!

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  • The must-have gift: random price or elasticity?

The must-have gift: random price or elasticity?

Posted By: Michelle Balconi

What's inside the gift bag this holiday season? Could it be the must-have, highly-anticipated, latest and greatest tech gadget? 'Tis the season for holiday shopping and also the opportunity to discuss price elasticity of demand with your children and grandchildren. Ask kids whether or not they think the demand for a gift at the top of their wish list is affected by a change in price. Cheers!

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  • Apple Pickin’ with supply and demand

Apple Pickin’ with supply and demand

Posted By: Michelle Balconi

Fall is upon us and that means apple picking for many. A recent trip to the local farmer's market revealed a variety of apples as well as supply and demand!

We asked the farmer why his Honey Crisp apples were higher priced than all of the other varieties. His reply "Well ma'am, it's simply supply and demand. Someone, somewhere decided Honey Crisp apples taste a lot better, so more people want to buy them."  We couldn't agree more!

As you read through Let's Chat About Economics, you too will discover that as demand increases so does the price. Start chatting with the kids in your life today ... Econ is everywhere!

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  • Fall Sale - Conversation Starter

Fall Sale - Conversation Starter

Posted By: Michelle Balconi

Chat with your children about why things go on sale and how supply and demand affect price.

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