One of the popular posts on the Economic Sounds and Sights blog contains a link to the "Demand, Supply" rap, created by Rhythm, Rhyme, Results, an educational music company located in Cambridge, M.A.
Joyce Santos was kind enough to post the lyrics to the rap, which I've posted below. The rap is was inspired by Harvard professor Greg Mankiw's ten principles of economics. These principles can be downloaded from the following link:
Chapter 1: Ten Principles of Economics (pdf)
Principles of Economics, Fourth Edition N.Greg Mankiw
Lyrics to Demand, Supply Rap, by Rhythm, Rhyme, Results
Via Joyce Santos
Verse I
Tradin’ this for that, call it tit for tat
We all face tradeoffs and that’s a fact because
Everything is in finite supply
That’s the reason why we all sell and buy
Next up is rule deuce, the next best use
Of money or time defines its true value
It’s more convoluted than just the simple cost
What else could you do? What opportunities are lost?
Decisions at the margin, yeah that’s the key
To understanding principle #3
Take your present situation and assume that it’s the best
If a change is worth more than it costs, then that’s your test
Lesson #4: it’s like the carrot and the stick
We break it down so you can see what makes the world tick
So why do we do the things that we do?
It’s a system of incentives that we all respond to
Chorus
Demand, supply
Listen up, learn this, and you’ll know why
We work, we buy
The price is right when the competition’s alive
(x2)
Verse II
Everyone in society can benefit from trade
#5 is a reminder that we shouldn’t let hope fade
Just use what you’ve got to produce your best
The money that you make will buy the rest
Lesson 6 is a trick, the invisible hand
Buyers and sellers clear markets without the man
The market system almost always prevails
But recognize, too, that markets can fail
Because of monopolies and the troubles they create
Uncle Sam comes along and he’s gotta regulate
That’s lesson #7: when government’s there
They oversee to guarantee that competition is fair
#8 says the future of a national State
Relies on services and products people create
If we sell and excel and we keep doing well
Then the money keeps going ’round just like a carousel
Chorus
Verse III
#9: keep an eye on that money supply
Printing too much paper sends prices sky high
A dollar means nothing, it’s just a nice name
If what it represents doesn’t stay the same
Number 10: there’s a tradeoff in the short run
Between unemployment and inflation
I really can’t explain the whole situation
You want the full story? Step up your education!
Joyce Santos was kind enough to post the lyrics to the rap, which I've posted below. The rap is was inspired by Harvard professor Greg Mankiw's ten principles of economics. These principles can be downloaded from the following link:
Chapter 1: Ten Principles of Economics (pdf)
Principles of Economics, Fourth Edition N.Greg Mankiw
Lyrics to Demand, Supply Rap, by Rhythm, Rhyme, Results
Via Joyce Santos
Verse I
Tradin’ this for that, call it tit for tat
We all face tradeoffs and that’s a fact because
Everything is in finite supply
That’s the reason why we all sell and buy
Next up is rule deuce, the next best use
Of money or time defines its true value
It’s more convoluted than just the simple cost
What else could you do? What opportunities are lost?
Decisions at the margin, yeah that’s the key
To understanding principle #3
Take your present situation and assume that it’s the best
If a change is worth more than it costs, then that’s your test
Lesson #4: it’s like the carrot and the stick
We break it down so you can see what makes the world tick
So why do we do the things that we do?
It’s a system of incentives that we all respond to
Chorus
Demand, supply
Listen up, learn this, and you’ll know why
We work, we buy
The price is right when the competition’s alive
(x2)
Verse II
Everyone in society can benefit from trade
#5 is a reminder that we shouldn’t let hope fade
Just use what you’ve got to produce your best
The money that you make will buy the rest
Lesson 6 is a trick, the invisible hand
Buyers and sellers clear markets without the man
The market system almost always prevails
But recognize, too, that markets can fail
Because of monopolies and the troubles they create
Uncle Sam comes along and he’s gotta regulate
That’s lesson #7: when government’s there
They oversee to guarantee that competition is fair
#8 says the future of a national State
Relies on services and products people create
If we sell and excel and we keep doing well
Then the money keeps going ’round just like a carousel
Chorus
Verse III
#9: keep an eye on that money supply
Printing too much paper sends prices sky high
A dollar means nothing, it’s just a nice name
If what it represents doesn’t stay the same
Number 10: there’s a tradeoff in the short run
Between unemployment and inflation
I really can’t explain the whole situation
You want the full story? Step up your education!
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