Economics for real, economics for good It’s everyday deal, like life in the hood​

Geoff Riley

22nd February 2018

Economics for real, economics for good It’s everyday deal, like life in the hood. A fantastic rap put together by students from Queen Ethelburga’s, Thorpe Underwood near York! Thanks to Jonathan Lees for sending it through.

As soon as we started we lost our nerves 

Followed our way through the PPF curves 
Demand and supply we have met passing by 
On the normative statement it’s hard to rely 

Maximum price has a limit for firm 
Minimum price is an opposite term 
Price has some functions to rule the resources 
Signaling incentive and rationing forces 

Markets can fail to use the resources
This is the zest of economics courses 
Studying cases of market to fail 
We can assess the significance scale 

Polluting the nature is total fatality 
That’s also called negative externality 
It’s caused by the firms trying to make a profit 
Some private individuals are better off from it  

Decisions can be made by market forces or state
When they both are involved, mixed economy is great
Specialisation is improving productivity 
All workers are happy, enjoying the activity

Medium of exchange and unit of account 
Money help us trade using the right amount 
Borrow money, lend it or keep it just to store
Money’s gonna help you, better have it more

Equilibrium price is what clears the market
No shortage or surplus; you don’t have to mark it
It happens when demand and supply meet together 
This means, in the market, there will be good weather

Nowadays we have to deal with some pollution
However, economics has found the solution
Pollution permits, regulations and taxes
Quantity and price on my diagram’s axes

Merit goods are created for people 
However it’s sad that we only have little 
The government tries to provide them more 
They are the key to economics core 

Public goods have their own features 
Like Shawn Mendes singing song Stitches
They ain’t rivalry and non-excludable 
Providing a finance make them stay durable 

How about thinking bigger and it’s true 
Never give up this is all for you 
Learning Economics, develop together 
We are the ones who make the world better 

A lot of writing only minute a mark
We doing the prep and it’s getting quite dark
Economics for real, economics for good 
It’s everyday deal, like life in the hood

Geoff Riley

Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.

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