The video is a remake of Luke Bryan’s “Kick the Dust up”. The song is about an individual who is experiencing creative destruction in the agriculture industry. She decides to enter the service industry. Her transition is made easier due to the Internet reducing frictional unemployment. The video also shows her exemplifying normal and inferior goods along with the concept that high demand results in high prices.
· Frictional Unemployment
· Creative destruction
· Structural Unemployment
· Unemployment insurance
· Inferior goods
· Normal goods
1. Consider the current economy and identify any industries that might soon undergo technological change? 2.Which industry experienced creative destruction in this video?
3. The video discusses normal and inferior goods. Give examples from the video that fit in each category.
4. Unemployment insurance has benefits and costs. Provide examples of the benefits of unemployment insurance and examples of the costs.
4. The video suggests that the internet reduces frictional costs. Explain how that may be possible.
The video is a remake of Luke Bryan’s “Kick the Dust up”. The song is about an individual who is experiencing creative destruction in the agriculture industry. She decides to enter the service industry
I’m a Saver is a remake of P!NK’s song titled “Say What”. The song follows an individual as they struggle with being a spender and as they transition to being a saver. The individual experiences a change in their time preferences and learns new ways to save.
Are you teaching unemployment? Teaching unemployment can get dry and, at times, feels like you are searching for stories to match the definitions of frictional, structural or cyclical unemployment. I applaud you for trying to bring economics to life. If you are looking for another resource, here is one to use in class.