MUSINOMICS
LYRICAL EXPRESSIONS OF ECONOMIC CONCEPTS
INTRODUCTION: Students love music, especially popular songs that they hold as their own.
You love when students grasp and can apply an economic concept to a real-world event or
experience. If you could combine the melodies that kids enjoy with the terms and economic
fundamentals you want them to understand, a win-win would be achieved.
PROCEDURE: Use the “Econ Pics” power point to introduce the students to conceptual ideas
that they can build their lyrics around. The process of picking a melody and writing lyrics can be
assigned to an individual or group. The difficulty will be in choosing a song that has the
matching syllabic measure in title and term. The student should first pick a concept, possibly
from the list below, and then find the melody that fits in the process of listening to their
favorite songs. A “karaoke” version of just about every song known to mankind can be found
on I-tunes. The student doesn’t have to be a great singer; they can speak the lyrics to the
melody. Of course, they can write a “rap” also.
EXTENSION: Create a “word wall” with butcher block paper. Spell out the word
E-C-O-N-O-M-I-C-S on nine pieces of vertically aligned paper and adhere it to your wall. Every
time a word is mentioned in a lyric that starts with one of the letters in the word “Economics”,
write it on the paper under the corresponding letter (“O” for Opportunity Cost, “M” for Moral
Hazard). This can be maintained throughout the entire time you’re instructing the students in
Economics. The performances can be videotaped and submitted on your behalf to be
considered for a Governor’s Award.
KEY CONCEPTS TO BUILD LYRICS:
PUBLIC GOOD
NON-EXCLUDABLE
NON-RIVAL
INCENTIVES
OPPORTUNITY COST
ECONOMIES OF SCALE
VARIABLE COST
EQUILIBRIUM
LAW OF ONE PRICE
EFFICIENCY
RISK
EXTERNALITIES
ADVERSE SELECTION
MORAL HAZARD
COMPARATIVE ADVANTAGE
ABSOLUTE ADVANTAGE
ELASTICITY
SUBSTITUTES
DEMAND AND SUPPLY
PRICE DISCRIMINATION
LAW OF DIMINISHING MARGINAL UTILITY
ASYMMETRIC INFORMATION
PRICE FLOOR
SUNK COST