Explore the A–Z Elf Team

Alba and Advent Calendars
Baking - Barter
Carols - Capital
Decorating the Tree - Demand and Supply
Exchanging Gifts – Elasticity & Inelasticity
Festive Feasts - Free Markets
Giving to Charity - GDP & Happiness
Hanging Stockings - Human Capital
Ice Skating - Inflation
Jolly Jumpers - Job Market
Kick-Starting the Fun - Keynesian Economics
Lights Display - Labour Supply
Midnight Mass - Mince Pie Monopoly & Competition
Nutcrackers – Needs & Wants
Ornaments - Opportunity Cost
Party - Public Goods
Quiet Reflection - Quotas
Reindeer Stories - Recession
Santa’s Visit – Scarcity & Choices
Toys - Trade
Unwrapping Presents - Utility
Village of Lights - Value Added
Winter Wonderland Walks - Wealth
Xmas Cards - X-Inefficiency
Yule Log Christmas Tree - Yield
Zigzag Light Trail - Interest Rate & Borrowing

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Story

Elf Alba visited Austria during Advent, a time when children open a new window each day. Some children paint beautiful pictures, while others bake delicious cookies, and some excel at crafting. During her visit, Alba met Ava and Alex, who taught her an important lesson: while some children have an “absolute advantage” in specific skills, everyone has a “comparative advantage” in certain tasks. When they work together, they can achieve even more. By focusing on their individual strengths, the children assist each other, making the Advent season truly magical!

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Elf Bingle flew to Belgium. Kids swapped a cookie for a piece of candy.

He learnt how bartering works before money existed.

He met Little Lily and her mum at the local market and learnt about the Barter System.

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Elf Clover zipped to Canada, where snowflakes twirled and danced.

She joined the Carol Crew on stage and got a magical chance.

Charlie and Ben made music using skills and clever tools —

“That’s capital!” Clover giggled, “turning talent into jewels!”

She wrote it in her notebook with a sparkle and a grin, ready to tell dear Santa how Christmas magic begins!

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Elf Dazzle helped villagers decorate trees in Rovaniemi Ville, Finland.

When everyone suddenly wanted the same golden star… the shops ran out!

He even worked in Mr Frost’s shop and learned the law of demand and supply

The Golden Star — the sparkling star placed on top of every Christmas tree.

Every year, its warm golden glow filled the world with Christmas cheer.

When everyone suddenly wanted the same golden star… the shops run out!

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Elf Ember drifted into snowy Arendelle, England, eager to learn more about what people buy during Christmas. She had just discovered something fascinating:

some gifts are must-haves like Grandpa’s wrapping paper even when prices rise, while others are must-need like food and clothes.

This, she learned, was the difference between elastic and inelastic demand: some things people can skip, and others they simply can’t. 

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Elf Flurry visited Snowfield in France and attended the biggest Town Feast of the year. Snowfield Town Feast markets buzzed with choices: cheese, toys, lights.

He saw free markets in action — anyone can trade.

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Elf Glimmer went to Ghana. The children gave some of their treats to their neighbours.

She learned that a country’s GDP measures how much it makes

but real Christmas wealth comes from kindness, joy, and giving.

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Elf Hubble visited Hungary, where children write thoughtful letters to Santa and carefully tuck them into their hanging Christmas stockings. At Henry’s place, Hubble carefully retrieved a letter from the bright red stocking. “Wow!” he said. “Henry used his skills—thinking, writing, and planning. Hubble whooshed back to the North Pole to help Santa prepare the perfect Christmas surprises.

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Elf Icicle zoomed after Isla into the shop, onto the ski slopes, everywhere! She noticed something curious: ice skates and skating tickets kept getting more expensive each time they looked. “Aha!” Icicle giggled. “That’s inflation, when prices rise over time!”

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Elf Jester visited Japan and met Mrs Julia and the good kids of Jolly Town. The children were trying out a fun experiment with different jobs for the Elf Job Market – some knit, some draw, and some deliver cosy sweaters to their neighbours. Their talents fill the town with warm, bustling Christmas cheer! Jester smiled as he realised, he had been part of a job market too, just like in Santa’s Workshop. 

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Elf Kiki visited snowy Kazakhstan, where the town had grown quietly in the cold weather, until a cheerful winter market fair brought everyone back outside, shopping, playing, and helping again. She discovered that sometimes a community needs a little boost to wake things up, which is exactly what Keynesian stimulus aims to do.

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Elf Luna visited London, where dazzling Christmas lights shone everywhere. She wandered into a quiet street and found a family busily cleaning and decorating their home. By following little Lucy and Liam, Luna learns how labour supply works in real life!

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Elf Marlow visited Mexico and noticed a problem — only one bakery sells mince pies! The queue wound down the street, and prices were sky-high. But when a second bakery opened, the long queue disappeared, and prices dropped. Marlow laughed, realising he’s just seen monopoly and competition in action. He wrote it all down to report back to Santa as a new idea for the Santa Shop!

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Elf Nessa visited Nathan and watched him sort his toys. Nathan—who has been on Santa’s good list for years—talked with his mum about needs and wants. When he chose what he truly needed, Nessa smiled brightly. “What a great economic lesson! I’ll tell Santa about it… and maybe send him a special gift,” she whispered.

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Elf Olive visited Oman and joined Oscar and his mum on their trip to town to pick the perfect ornament for the special spot on their Christmas tree. There were so many beautiful ornaments that choosing just one felt impossible! As Oscar selected his favourite, Olive learned something new — opportunity cost. “Pick your favourite branch,” she giggled, “but remember, when you choose one, you let go of another!” Olive thought it was such a clever idea that she couldn’t wait to tell Santa. And just like that, the children learned the magic of making choices.

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Elf Pip watched Phoebe and his dad walk around their village in Portugal, collecting coins to fix the snowy street’s broken snow blower. Later, he joined their big Christmas street party—full of lights, music, and tasty treats!

Pip realised something magical: when everyone gives a little, the whole community shines a lot.

That’s the power of public goods—things everyone shares, and everyone enjoys.

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Elf Quartz in Qatar watched children light only a few candles each night — just enough to make the room glow warm and gentle.

He smiled and wrote in his little elf notebook: “Quotas help kids treasure each moment.”

Then he sent the report to Santa, proud that even tiny limits can create the biggest Christmas sparkle.

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Elf Rudy worried when Santa talked about tough winters called “recessions,” but his eyes sparkled again when Santa explained how innovation, resilience, and clever new eco-toys help everyone bounce back. S – Santa’s Visit – Scarcity & Choices

Elf Starling realised Santa’s sleigh didn’t have enough room for all the presents—that’s scarcity!

Santa explained that when we don’t have enough, we need to make good choices. On his next trip to Southeast Asia, Starling saw many children but not enough toys to go around. ‘Scarcity again!” he said. Then his eyes lit up. “I know! Some kids have extra toys they don’t use. If they share, we can help solve scarcity with smart choices and kindness!”

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Elf Starling realised Santa’s sleigh didn’t have enough room for all the presents—that’s scarcity!

Santa explained that when we don’t have enough, we need to make good choices. On his next trip to Southeast Asia, Starling saw many children but not enough toys to go around. ‘Scarcity again!” he said. Then his eyes lit up. “I know! Some kids have extra toys they don’t use. If they share, we can help solve scarcity with smart choices and kindness!”

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Elf Tinker arrived in twinkling Thailand just in time for the children’s Christmas Toy Swap!

He watched as kids opened their presents with squeals of joy, then happily traded toys—

a puzzle for a robot, a doll for a drum, a book for a shiny car.

Every swap brought bigger smiles and less waste.

Tinker scribbled in his notebook: “When we trade, everyone becomes happier—because we each get what we love most!”

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Elf Uma visited the United States and watched children unwrap their Christmas gifts and noticed something surprising — the first present made them super happy, the next a little less, and after many gifts, the excitement almost disappeared! But when one girl had a great idea to share her extra Christmas gifts with her cousin, both of them lit up with double joy. That night, Uma wrote in her report to Santa: “Humans have a cool subject called economics! It helps kids make smart choices, stay grateful, and become kinder people. Sharing increases happiness—even more than opening gifts!” And Santa proudly stamped her note with a golden star.

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Elf Vesper peeked from the chimney and watched Violet transform a plain star. He scribbled in his notebook: ‘Humans can add value with paint, ideas, and kindness!’ and sent the report to Santa.

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While exploring the cosy Christmas villages of Wales, Elf Willow noticed that the happiest moments came not from gifts, but from families walking together, talking, laughing, and sharing warmth. That’s when she learned the greatest treasure of all — love.

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Elf Xyla visited Ukraine and found Sophie happily making Christmas cards. This year, Sophie was very organised—no rushing, no chaos—just beautiful cards ready for everyone she loves! She told Xyla that being well prepared makes everything so much easier. Xyla remembered last Christmas when she wasn’t prepared and everything turned into a big card-making muddle! Now she learns the cool economics term for working slower than you can from the last Christmas: X-inefficiency. And she can’t wait to tell Santa her new lesson.

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Elf Yoyo in Yukon realised that stashing small bits all year can lead to something big and wonderful—just like a real Christmas harvest!

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Elf Zuzu visited Brightville and joined kids building a magical Zigzag Light Trail. Using borrowed lights and wood, they learn how interest works like you borrow something, return it better, and spread joy through teamwork.

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