Thousands Attend Daniel Caesar’s Free Concert

EconEye Admin

6 months ago

Daniel Caesar fans poured into Vancouver’s John Hendry Park as the musician hosted a free show. Some attendees climbed trees to get a view. One stood on a garbage can, another on a bike and a few on chairs.—cbc.ca

Answer the following questions to check your understanding of the story.

1) Does anything about Daniel Caesars’s concert illustrate scarcity?

a) Daniel Caesar willingly gives the concert.

b) A clear, close-up view of Daniel Caesar performing on stage is scarce.

c) No one is barred from attending.

d) No one needs to buy a ticket to attend.

Wrong! - What is scarcity? Does scarcity exist if the concert is free, no one is barred from attending, and Daniel Caesar is willing to give the concert?

Good Job! - A Scarcity is our inability to get everything we want. At the concert, everyone wants a clear, close-up view of Daniel Caesar performing on stage but with thousands of fans, this close-up view is scarce.

2) Is attending the concert free?

Attending the concert ______________.

a) is free because fans don’t pay for the tickets

b) isn’t free because fans receive a benefit from attending

c) isn’t free because fans use their time to go to the concert, and probably pay for transit or parking

d) is free because fans get to hear Daniel Caesar’s music in person

Wrong! - What is opportunity cost? Is there an opportunity cost associated with attending the concert?

Well Done! - Attending the concert isn’t free because it involves an opportunity cost. Fans allocate time, which could have been spent on other activities, to go to the concert and they likely incur expenses such as transit or parking costs.

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