2012 Creative Writing Contest
ECONOMICS ON TV?
Myth: Teens are abandoning traditional TV for new media.
Reality: Teens are watching more TV than ever.
In fact, over the course of a month, teens watch TV more than they use the internet.*
Chances are, you have a favorite TV show--maybe Glee, Cake Boss, or Degrassi?
Here's your big break!
The Challenge
Pick a show or episode and investigate the scenes to find the basic economic concepts within. Then write an essay, poem, play, or short story explaining how the show or episode demonstrates some of those concepts.
You can pick a comedy or drama, documentary or sports show, reality show or soap opera. But whatever you choose, the show or episode must explore basic economic principles, and it must be a show that you wouldn't be embarrassed to watch with your grandma. And for those of you who don't embarrass easily, that means no programs rated TV-MA, programs rated for mature audiences.
As you craft your composition, think about how economic concepts impact the plot:
* Are the characters dealing with the issues of supply and demand?
* Is inflation making it difficult for them to purchase a car or pay for college expenses?
* What about any unintended consequences?
Answering these or other complex questions will help you think critically about basic economic principles.
Economic Concepts
Benefits are the social and financial positives that result from an economic activity, good, or service.
Costs are the expenses-such as time or money--necessary to obtain benefits.
Demand is how much of something people want.
Inflation is a general increase in the price level of goods and services.
Opportunity costs are the value of possible alternatives that a person gives up when making one choice instead of another; also known as a trade-off.
Supply is the total quantity of a good or service that is available for purchase at a given price.
Unintended consequences are outcomes of an action that are different from the expected ones.
*Source Nielsen "How Teens Use Media"
http://www.clevelandfed.org/Learning_Center/For_Teachers/contests_for_students/writing/2012/index.cfm?DCS.nav=Local
april.mcclellan-copeland@clev.frb.org.
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