The Economics of The Office
Learning economics from the world's best boss
Write That Down
In this clip, Michael tries to explain the concept of profits and business decisions and the demand for paper. Clearly, Michael does not understand how technological changes have influenced demand for paper!
Season 3 Episode 16 "Business School" Caution!
Teaching of Economics (A20) Technological Change (O30)
Huge Turnaround for Profit
Dwight corners the market on Princess Unicorn dolls! This is a good opportunity to discuss the relationship between expected future prices and changes in demand. Dwight knew that the demand for these dolls would increase as Christmas drew closer. Advanced students should be able to draw a supply and demand graph for this market and see that in the very short run the supply of this good is perfectly inelastic in the Scranton area. This makes the profit opportunity for Dwight even greater.
Season 5 Episode 11 "Moroccan Christmas"
Information and Market Efficiency (G14) Microeconomic Behavior: Underlying Principles (D01)
FaLaLa CaChing
Dwight corners the market on Princess Unicorn dolls! This is a good opportunity to discuss the relationship between expected future prices and changes in demand. Dwight knew that the demand for these dolls would increase as Christmas drew closer. Advanced students should be able to draw a supply and demand graph for this market and see that in the very short run the supply of this good is perfectly inelastic in the Scranton area. This makes the profit opportunity for Dwight even greater.
Season 5 Episode 11 "Moroccan Christmas"
Information and Market Efficiency (G14) Microeconomic Behavior: Underlying Principles (D01)
Flowers
In this clip, Michael tries to buy flowers only to discover how expensive they are. This is a good example of the relationship between price elasticity of demand and the availability of substitute goods. Also we see that when the price of a good is above someone's reservation price, they will either go without the good or purchase a substitute good.
Season 4 Episode 3 "Andy's Play"
Microeconomic Behavior: Underlying Principles (D01) Market Structure and Pricing (D40)
Jacket
Kevin buys a jacket. Students should be able to demonstrate that putting Kevin's name on the jacket shifted his demand curve for this good to the right.
Season 4 Episode 3 "Andy's Play"
Microeconomic Behavior: Underlying Principles (D01)
Conflict Resolution Part 1
In this clip, Michael attempts to resolve a conflict between Oscar and Angela. One application of this clip is to reiterate the idea that voluntary trade results in a "win win" situation. This clip also can be used when showing outcomes on an aggregate supply/aggregate demand framework. When we have a major increase in aggregate supply (something like the IT revolution in the 1990's) it results in lower levels of inflation and unemployment or a "win win" outcome. (maybe even win, win, win!)
Season 2 Episode 21 "Conflict Resolution"
Inflation (E31) Unemployment (J60) Trade (F10) Macroeconomic Models (E10)
Garage Sale
The office holds a garage sale to get rid of things they no longer need. Meanwhile, Dwight starts with a thumbtack and trades his way up to a telescope. However, he soon parts with the telescope when Jim offers him something of seemingly even more value. This is a great example of how consumer preferences differ and how trade can make two parties better off. It also illustrates how effective marketing can shift an individual's demand curve to the right.
Season 7 Episode 19 "Garage Sale"
Microeconomic Behavior: Underlying Principles (D01) Trade (F10)
