Yesterday Eva and Grace were looking through the american girl doll catalogue. We love to balk at the astronomical prices. I told them that I would be willing to pay no more than 30% of the full price for any of the items in the catalogue. Then, this conversation occurred:
Grace: "The price will probably go down next year."
Me: "I doubt it."
Grace: "Yeah mom. CAPITALISM. You know, competition."
Me: "Uh?"
Grace: "Somebody else will start selling them and then they will have to lower their prices so people will keep buying their things and then the other people will lower their prices too until we can afford them."
Me: "Well, its not so much about affording them as me being unwilling to pay that high price."
Grace: "Like I said, thats Capitalism."
Me: "Okay darlin' you can save up your money for a doll, but it will probably be from the other guy."
Grace: "cool"
Im pleased as punch that the concept not only stuck, but applied to real world economics in her head.
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