In this activity, you'll watch two videos related to behavioral economics: the intersection of psychology and economics. You'll then answer a series of short answer questions based on the topics covered in those videos. You can answer the questions in a document or record your answers in an audio or video recording.

Step 1: Watch the Videos

Watch the following Ted Talks:

Paul Piff: "Does Money Make You Mean?"

Keith Chen: "Could your language affect your ability to save money?"

Step 2: Answer the Questions

Based on the videos (and your own research if needed), answer the following questions. Please answer in complete sentences and include the original question in your answer.

Does Money Make You Mean?

1. How did the study organizers fix the game of Monopoly to ensure certain players win?
2. What were the results of the experiment?
3. What do the experimenters conclude based on this study and others?
4. What are the implications these conclusions hold for our society?
5. How do the conclusions from this experiment make you feel?

Could Your Language Affect Your Ability to Save Money?

1. What must country commit to in order to become a part of the Organization of Economic Cooperation?
2. How does one's language force a person to think about time?
3. How does this difference in language relate to our propensity to save?
4. What experiments did Chen carry out to come up with these conclusions?
5. Did anything surprise you about this video? Why or why not? ____________________________________________________________________________________________________________________ Step 1: Listen to the Podcast

Listen to the following podcast:

The Indicator with Stacy Vanek Smith & Cardiff Garcia: "A brief history of income taxes."

Step 2: Answer the Questions

Based on the podcast (and your own research if needed), answer the following questions. Please answer in complete sentences and include the original question in your answer.

1. Before there was a federal income tax, what taxes did Americans have to pay?
2. Explain why tariffs are considered regressive taxes.
3. Describe the first institution of the income tax in the United States, the reason behind it, and what happened to it.
4. Even though the amendment that allowed income tax was passed again in 1913, what events led to its being enforced among all Americans?
5. How did the government try to influence citizen's views of paying income tax? Would this have worked for you?
6. How can the government drive their policies using income tax?