Enrichment

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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