Instrumental: Still Dre (https://www.youtube.com/watch?v=zYxqZDt1on8)
AP Economics Video Review Project: Basic Economic Concepts, Market Economy, and Supply & Demand.
Yo kids, welcome to AP Econ
1 Year of listening to Jeffrey Ryan
If you say you understand, then you straight lyin
One question: Is you even TRYIN?
The first thing we look at is marginal analysis
Decide on the benefits and cost, bliss
Limited resources, unlimited wants
Makes every decision have an opportunity cost
Now put your phones down, and listen carefully
Economics is how people deal with scarcity
Economic resources, there’s only four
Land, capital, entrepreneurship, and labor
Now all the ladies/you can call me a G
I bring the satisfaction, call me utility
Everything’s made through supply and demand
Guided by self-interest, the Invisible Hand
Whether you’re in Aurora or Spring Break vacation
You all about your utility maximization
So when you see me on the block
No I ain’t sellin no rock
Me and Mr. Darp trying to teach the youth
Blue Flynn economics, you can call me the truth
Agree to disagree, it's bout the S and the D
Supply Demand, Supply Demand, Supply Demand
Alright Straight from the comics,
Here is the definition of economics.
Economics isn’t just money,
We bringing in things like the selling of honey.
Economics the study of how to allocate scarce resources
Let us give you all some of the key resources.
Economics can apply to everything,
Hell yes even the lion king
Alright let’s hit the production possibilities curve
Watch out we about to strike a nerve.
Let’s get into this frontier
Since we beginning to near, the end of this AP Year.
It represents the combo of 2 goods
Let’s get it coming out of the woods like t- swizzle faschizzle my wizzle
Every point on the curve is our economy acting efficiently
That means we are using our resources sufficiently
Our resources are being productive,
And our economy is constructive.
When operating along the curve
You should observe
The opportunity cost we flowin on this beat like robert frost,
Talkin bout opportunity cost.
AKA the value of the best alternative sacrificed in the decision
Cause that’s what it takes to have precision.
This is my division
And we dividing up this project like resource allocation
Just like the ppc curve between 2 nations.
C’mon Mr. Ryan lets do some economics real quick, comparative advantage to Surplus real swift.
What do you call it when country A makes Product 1 better than country B? That’s comparative advantage, it’s the key
But turn to Spain, their Olives ain’t lame, say my name say my name, I’m on top of my game. Moreover Spanish Olives only from one nation? That’s specialization.
Now, don’t be afraid to Trade, go ahead, get paid for things that have been made!
Organize your resources, those are market forces. Optimize supply and demand, it’s where the two curves meet, makes the market complete. Simply put, market equilibrium, not pandemonium.
Determinants? My man, look at demand, look at consumer tastes, don’t let it go to waste, number of buyers, don’t letem be liars, income, prices of substitutes, compare their attributes, prices of complements, and their competence, consumer expectations which differs nation to nation, from Haitians to Croatians.
Elasticity isn’t about publicity, just maintain logic and simplicity. Price of Product and profit are inversely proportional. So what about Inelasticity, breh, remember simplicity, there’s no toxicity, the relationship is proportional, higher product prices means more profit, I’m not a prophet, being prudent, I’m an econ student
Explaining deadweight loss like a boss. It’s tough when I don’t have enough, no I don’t bluff, but give me more stuff. No I don’t speak Dutch, but if the market got too much, that’s surplus!