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The Economics Song

The highlights of classical economics set to a catchy song. Great review or teaching aid, as well as getting the basics of a boring and complex subject in less than three minutes. Music and production by Dennis Nowicki Website: https://cenapsis.com On Spotify: https://open.spotify.com/artist/0tFli... I had a great time getting this together and decided to vary the music into something a little intriguing. Bless Logic Pro. I hope you enjoy it! Lyrics: Economics is the study of goods and services How we produce, distribute and consume (I plan to get through all this in like, under three minutes Lots to cover, hope there’s enough room) First, the principles of scarcity, supply and demand Prices rise when demand exceeds supply When supply is higher than demand, then prices should fall Equilibrium’s when neither is high Opportunity Cost is the benefit missed out on When a decision from choices is made The Circular Flow Model is wages paid to workers And then sales is how producers are paid Allocating scarce resources, there are seven ways To determine who the winner should be First come, first served, auction, lottery, government decree Compete, majority rule, charity Economic systems are how countries’ economies work And there are four, the first, traditional Also, market and planned/command economies exist Mixed, or hybrid type is additional Speaking of four, market systems or structures are the same And, Perfect Competition is the first Then Monopolistic Competition, Monopoly and Oligopoly, where collusion’s worst Now, Gross Domestic Product, or for short, GDP An indicator that will fall and climb It’s the total value of all goods and services pro- duced in a certain period of time Where as Consumer Price Index, or CPI measures The change in prices over time that consumers pay for a basket of services and goods (Though energy costs appear to be flat) hmmm... One more thing, (there’s still time), is the business cycle stages Of economic activity Expansion, peak, recession, and then Depression, trough, recovery Bye!