Econ 101

By now, Lev has started to realize the effort he must expend to earn enough money for his Republic Gunship. He is mad they are charging so much for it (about $120) to the point where he is now considering setting his sites lower toward a less expensive police station. But then he said the most amazing thing for a 7 year-old.

"Don't they understand that if they lower the price, then more people will buy it and they will make more money?"

There he was, grasping the basic elements of Supply and Demand economic theory...and he figured it out all on his own. What I was more proud of was not that he felt a lower price would make it better for him (which he was clearly also motivated by), but that his complaint was motivated by trying to get Lego to make more money. He had discovered the "win-win" scenario!

As much as I sometimes just want to go out and buy it for him, I feel this is helping him more and every once in a while I glimpse a little evidence of that.

See the following link to gain an understanding of why I think it better he learns the hard way and gain a better appreciation of how the world works:

http://www.youtube.com/watch?v=LoGYx35ypus