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 the price of goods 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.
Story Length: 4:49
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The United States economy has experienced slow but steady growth since the 2007-2009 recession. Historically, one result of an improving economy should be an increase in the overall level of prices – inflation. This has not been the case, however, and inflation has stayed low. Inflation has remained low in part because most people don’t worry about it rising, and they aren’t rushing to buy products before they go up in price. Listen to this story from Planet Money and hear what low inflation sounds like, and how your behavior can directly affect whether prices rise or fall.
Some basic economic norms shape how most retail stores operate. 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. But some members-only warehouse stores break all those rules--and succeed anyway. Listen to find out why these stores do it differently, and why, despite breaking the rules of retail, they thrive.
Venezuela has one of the world’s largest oil reserves, but its economy has collapsed, and its government isn’t doing too well either. The country is beset by shortages—of everything. 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.
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