Nedjeljno Slušanje: Bustin’ Econ Rhymes

autora/ice cronomy

 

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.

 

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