What economic lessons can we learn from the 1980s comedy hit, Family Ties? Quite a few, especially in this episode where Alex P. Keaton (played by Michael J. Fox) and his siblings decide to rent out their home.

Watch the video to see some clips from the show and learn several economic lessons:

* How the need for money drove the motivation to find a business
* How the business opportunity emerged
* How Alex had bargaining power when multiple families wanted the room
* And what happens when a potential customer says “We’re Desperate and We’re Wealthy”

The full episode is iconic, and there are a bunch of great lessons within!

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Chapters:
0:00 Introduction
0:39 The Need for Money Drives Innovation
2:50 Demand is High
6:03 We're Desperate and We're Wealthy!
9:01 What Happens When Dad Finds Out?

Description of Family Ties from ChatGPT:

Family Ties is a beloved American sitcom that revolves around the Keaton family, portraying the generational and ideological differences between liberal parents Steven and Elyse Keaton, former hippies of the 1960s, and their conservative son Alex P. Keaton, an ambitious, Reagan-supporting young Republican. Set in the Reagan era, the show explores the family dynamics, values, and societal changes through witty humor and heartfelt moments. Alongside Alex, the show features siblings Mallory, Jennifer, and occasionally Andy, creating a diverse and relatable family dynamic. Through its blend of comedy and thoughtful storytelling, Family Ties captures the essence of familial relationships and the cultural shifts of its time, resonating with audiences through its endearing characters and engaging narratives.

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