How The Tooth Fairy Helps Explain The Rising Cost of Parenting

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.

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Story Length: 4:49

Listen to the Story:

Listening Comprehension Questions

In what ways did Andrew Carnegie’s libraries serve their communities?
How did Carnegie benefit from a library when he was growing up?
Which personality traits helped propel Carnegie from poverty to riches? Bring specific details from the story to support your ideas.
According to Carnegie, what should rich people do with their money and why? Why was Carnegie known as both generous and “brutal”?

Discussion Themes

In your opinion, what should really rich people do with their fortunes?
What does it take for a person to rise from “rags to riches”?

Socrative users can import these questions using the following code: SOC-1234

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