A Lesson in Economics on Father’s Day

by on June 17, 2007 at 7:05 am in Economics | Permalink

"How did your bake sale go?" I asked my 8-year old son. 
"How much did you sell the chocolates for?"
"I’m not sure."
"You’re not sure?  Why not?"
"Well, I kept raising the price"
"Really?  How come?"
"Dad," he replied with exasperation, "supply and demand."

1 Isaac Crawford June 17, 2007 at 7:44 am

A conversation with my then 5 year old nephew playing with his toy cars…

“What are the cars doing Liam?”
“They’re lining up at the gas station.”
“Oh, is the gas expensive?”
“SIGH, they’re lining up because the gas is CHEAP!”


2 ricpic June 17, 2007 at 11:09 am

I think the world pretty much divides into those who, even as kids, are economic realists and those who never quite get over the discomfort of pricing their goods or sevices.

3 Francois Tremblay June 17, 2007 at 4:21 pm

I bet you didn’t let that get in the way of your belief that your parental authority is absolute, jurisnaturalist…

4 David June 19, 2007 at 3:32 am

How I Knew I’d Been In Consulting Too Long …

Me: Meg, please don’t scribble on the walls.

Meg (aged three): Don’t micromanage me!

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