The Eds try to join Sarah and Jimmy's Rich Club, to which they're denied due to the lack of an invitation. Several other kids are accepted into the club, despite having no invitations, including Kevin, who isn't even dressed appropriately for the club. Sarah and Jimmy use terms to indicate that they view themselves as superior to commoners, such as the Eds.
When George joins a book club to impress a girl and then finds the reading too costly, his demand for a substitute good (the video of the novel) rises to ridiculous proportions. In the end, he finds that the movie and the book are imperfect substitutes.