Luther Harris V
Pop Culture Economics
4/20/20
The Power of Economics
In life sometimes we are forced to chill and relax in the comfort of our own homes
especially during this tragic pandemic time in our economy now. Staying together and
connecting with each other is extremely important during this time even if we are not able to
physically see are love ones. Right now, the internet and social media can help us stay connected
without being beside the other person. Another reason why economics is a necessity because
humans also need to connect on a more intellectual level. Economics is the perfect topic to
connect with because it iso broad and involves a lot f critical thinking. Instead of giving up hope
and getting down on ourselves, we should all use this time to learn new things. So, we can
educate each other and understand what all problems are going on within our community. the
upcoming economic terms can help broaden the human mind and clear up any uncertain thoughts
about the relevance of economics. Also, in today’s economy knowledge is power and the five
economic concepts that will be defined in this paper are gains from trade, opportunity cost, Sunk
cost, scarcity, and incentives. Following that the first economic term gains from trade is defined
as Trade is defined as exchanging one good or service for another (or money). The second
economic concept is the opportunity cost of an action is the value of the best alternative we give
up. Then the third term is sunk cost is a cost that is committed (or has already incurred) and
cannot be recovered. Next, we have the economic concept that Scarcity is defined as the
condition in which our wants are greater than the limited resources available to satisfy those
unlimited wants. The last economic concept is incentives, which can be defined as something
that induces a person to All these things can be learned from books, novels or even my favorite
learning style which is visual such as movies.
Therefore, I thought it would be interesting to write and explain the main plot of the
movie Next Friday. The movie Next Friday was produced by the famous rap Star- movie
producer who is formerly known as Ice Cube and it was released on January 12, 2000. Also, I
choose this movie because the producer did a very good job of displaying the five economic
concepts I choose for this assignment. Another reason why I picked this movie to analyze is
because it was one of my favorite childhood movies that I grew up watching when I was young.
