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Four Economic Principles Used In The Film, Iron Man

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Economics plays a part in everything, it's what makes the world go round. In movies it's what makes them relatable and realistic if the movie is based on a true story. Some movies use more economic principles than others depending on the story it tells the audience. In the movie "Iron Man" economic principles like open opportunity, free contract, externalities, and producers, are used to help convey the story. In the movie "Iron Man", Tony Stark is an entrepreneur who owns a weapons manufacturing company. The company is called "Stark Industries" and it sells weapons to the United States government. After Tony gives a sales pitch to some government officials his transporting Humvee is attacked and he is held captive. During his captivity he …show more content…

The fist principle is open opportunity, which allows people the choice to enter and compete in the marketplace. In the movie Tony wants to leave the weapons market and switch to creating new power sources in for market. If a person can enter the market they can also exit the market if that’s what they want. The second principle is free contract, Free contract allows people to choose who they will enter legal agreements with. "Stark Industries" is in a legal agreement with the United States government, meaning that they will received funding to produce the weapons for the government. Economic principle three is externality and it is when a good or service affects someone other than the producer and consumer. There are negative and positive externalities. Negative externalities occur when a cost is imposed on people who didn't take part in the original exchange. Positive externalities create benefits for people who were not a part of the original exchange. The Jericho missile was something Tony sold to the government and when his Humvee was attacked they were used against them. This is an externality because Tony never intended for the missile to be used against the United States Army and they wouldn't use it against their own. The fourth and final principle is producers. A producer is someone who provides a good or services for others to use and they are called consumers. Tony is a producer because he makes and sells weapons for the government, which would make them a

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