Economics
Your favorite coffee shop raises prices, but you still go every day because caffeine > budget. Your demand is this.
What is inelastic?
In professional sports, salary caps prevent wealthy teams from buying all the talent. Economically, that’s a form of this kind of market control.
What is regulation?
This professor advises DEC and also serves as the Undergraduate Chair of the Department of Economics.
Who is Dr. Janine Wilson?
The Headless Horseman buys pumpkins to carve and sell, but when the price of pumpkins rises, he makes fewer jack-o’-lanterns. This illustrates what law?
What is the law of supply?
This 1931 Universal Pictures film made Bela Lugosi famous with the iconic quote, “I never drink wine.”
What is Dracula?
When economists say “too many dollars chasing too few goods,” they’re describing this general rise in prices.
What is inflation?
In Barbie (2023), Barbie Land experiences a sudden disruption when the Kens take over—an example of this economic concept where equilibrium is disturbed.
What is a shock?
One of the department’s newest faculty members, this professor teaches Intermediate Microeconomics (ECN 100A).
Who is Professor Christoph Schlom?
Two witches brew potions together and trade ingredients for mutual benefit. They’re engaging in this fundamental principle of economics.
What is comparative advantage (or trade)?
In the movie Nightmare Before Christmas, this character sings “What's This” when he discovers Christmas Town.
Who is Jack Skellington?
A government-imposed maximum price on rent is known as this policy, which can cause housing shortages.
What is a price ceiling?
The meme stock craze of 2021 is a perfect example of this bubble-like phenomenon, where asset prices rise due to social hype rather than value.
What is a speculative bubble?
This professor, whose research focuses on the economic history of the international economy, authored the 2024 book One from the Many: The Global Economy Since 1850.
Who is Professor Christopher Meissner?
Dracula’s blood bank has no competition and can set any price he wants. He’s running this kind of market structure.
What is a monopoly?
The 1973 horror film The Exorcist was so terrifying that some theaters handed out this item to audience members
What are barf bags?
You split the bill evenly, but you ordered water while your friend got a steak. Welcome to this classic problem in economics.
What is the free rider problem?
Beyoncé’s surprise album drop creates instant demand without advertising, showing the power of this non-price factor of demand.
What are consumer preferences (or brand loyalty)?
Previously an Electronics Engineering major, this professor’s research fields include Economic Theory, Behavioral Economics, and Experimental Economics.
Who is Professor Anujit Chakraborty?
A haunted house business hires more ghosts until the hallway becomes overcrowded, and each additional ghost scares fewer people, illustrating this economic principle.
What is diminishing marginal product?
This 1980 Stanley Kubrick film, based on a Stephen King novel, features the chilling line, “Here’s Johnny!”
What is The Shining?
When everyone rushes to buy eggs after seeing prices rise, they’re helping create more inflation through this phenomenon.
What is a self-fulfilling expectation?
In Inside Out, Joy and Sadness compete for control of Riley’s mind — a colorful metaphor for this tug-of-war between short-term happiness and long-term satisfaction.
What is intertemporal choice (or time preference)?
This development economist studies the role of information and communication technology (ICT), with a significant portion of his research focused on Pakistan.
Who is Professor Arman Rezaee?
A cursed mirror lets you see how much your future self will regret overspending today. That’s a reflection on this concept in behavioral economics.
What is present bias?
In 'A Quiet Place', the aliens can’t see, but they hunt humans using this sense.
What is hearing?