Yo! Learn somethin’. Rap version of Mankiw’s 10 Economic Principles by Rhythm, Rhyme, Results and Tommy Boots. You can read the lyrics here.
The official 10 Economic Principles are below.
#1 People face tradeoffs
#2 The cost of something is what you give up to get it
#3 Rational people think at the margin
#4 People respond to incentives
#5 Trade can make everyone better off
#6 Markets are usually a good way to organize economic activity
#7 Governments can sometimes improve market outcomes
#8 A country’s standard of living depends on its ability to produce goods and services
#9 Prices rise when the government prints too much money
#10 Society faces a short-run tradeoff between inflation and unemployment
In addition to Mankiw’s, it’s also worth noting Six Core Principles in Robert Frank and Ben Bernanke’s Principles of Economics. A bit harder to rap about, but still important.
The Scarcity Principle: Having more of one good thing usually means having less of another.
The Cost-Benefit Principle: Take no action unless its marginal benefit is at least as great as its marginal cost.
The Principle of Unequal Costs: Some costs (e.g., opportunity and marginal) matter in making decisions; other costs (e.g., sunk, average) don’t.
The Principle of Comparative Advantage: Everyone does best when each concentrates on the activity for which he or she is relatively most productive.
The Principle of Increasing Opportunity Cost: Use the resources with the lowest opportunity cost before turning to those with higher opportunity costs.
The Equilibrium Principle: A market in equilibrium leaves no unexploited opportunities for individuals, but may not exploit all gains achievable through collective action.
The Efficiency Principle: Efficiency is an important social goal, because when the economic pie grows larger, everyone can have a larger slice.
Cronomy.org 