Econ in the Movies: What "Air" Can Teach About Economic Decision-Making and Markets

Econ in the Movies: What “Air” Can Teach About Economic Decision-Making and Markets

Time: 60 mins,

Presenter: John Kruggel

Objective

In this webinar teachers will be able to:

Use creative methods to introduce the economic decision-making model
Discuss the market power wielded by institutions, such as the NCAA
Demonstrate how you can use the movie “Air” to introduce name, image, and likeness in your classroom.
Use the supply and demand model to illustrate the role of advertising in markets.

Standards

State Standards

Concepts

Cost-Benefit Analysis, Financial Institutions, Incentives, Marginal Analysis

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Description

The movie “Air” tells the story of Nike’s pursuit of Michael Jordan to be their new spokesperson. The relationship between Jordan and Nike are well known to students and will be a great hook for economic concepts. We will dive into the role of successful advertising in the supply and demand for products using the movie as our reference point. We will also look at the power of advertising has on the market. The movie also tells the story of Sonny Vaccaro, who was vital in the implementation of name, image, and likeness for college athletes. This webinar briefly will discuss the role Vaccaro played in the evolution of NIL as well as the role NIL plays for college athletes.