Donna and Tom take Ben on a “Treat Yo Self” day to help him relax, but he just buys socks, which he feels like he needs. Donna and Tom challenge him to think about what he would buy for himself if he could get anything he wanted. Ben decides he wants a Batman costume.
See more: elasticity, income effect, income elastic, luxury goods, necessities, normal goods, preferences, subjective value, utility
The Reasonablists are having their end-of-life party in the local park and Ron sees an opportunity to sell his high quality wooden flutes. Because the party springs up without notice, Ron sees a sudden spike in demand for his flutes. The leader of the Reasonabilists offers Ron a check because they don’t believe it will have any value the next day, but Ron has been selling them flutes for each of their previous going away parties.
See more: demand, demand shifts, elasticity, expectations, inelastic, M2, markets, medium of exchange, money, normal goods, preferences, store of value, transactions, unit of account