The Economics of The Office
Learning economics from the world's best boss
Dunder Mifflin Infinity
In this clip (from deleted scenes) we can demonstrate a good example of structural unemployment. Due to an advance in technology the skills of the Dunder Mifflin accountants will no longer be needed. Obviously from here students may want to discuss cyclical and frictional unemployment (which can be demonstrated when Michael foolishly quits his job with no real plan for his job search in season five).
Season 4 Episode 3 "Dunder Mifflin Infinity"
Technological Change (O30) Unemployment (J60)
Babysitter
In this clip, Jim and Pam discuss how difficult it is to find a good babysitter for their kids. They are only willing to hire a babysitter with highly specialized skills. Therefore, they should be expected to pay a premium price for a sitter. It's not that there is a shortage of available babysitters as much as there is a shortage of sitter who have demonstrated the skill set they think is required.
Season 4 Episode 3 "Andy's Play"
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)