Study of Choice

Lyrics

Verse I
It’s supply and demand, developing a brand
And determining what should be built on land
It’s what should be produced, for whom, and how
It’s the choices we need to make here and now

It’s the value of property, money and time
Which are driven by markets as they fall and climb
So a wealthy neighborhood that’s on the decline
Becomes more affordable down the line

It’s the cost of living, fluctuations in price
It’s looking at the future and rolling the dice
It’s reading a pattern and formulating a plan
It’s big business production, machine vs. man

Chorus
Economics has more than one singular voice
It’s what you decide, it’s the study of choice
Economics is more than just a gain or a loss
It’s scarcity, choice and opportunity cost
(×2)

Verse II
Now pay attention and make sure to listen
We continue with scarcity, a common condition
When you choose between a number of possible alternatives
Like what kind of salary you need to earn to live

When you choose a scarce good you must refine your vision
Analyze the alternatives and make a decision
Almost everything is scarce, I know it’s hard to believe
From the air we pollute to the air we breathe

A scarce good has competing needs
It could be the house we buy or the life we lead
A free good is used by different people separately
So your use of gravity has no effect on me

The same force that keeps you on the ground in place
Doesn’t lead me to drift away to outer space
So gravity’s a free good which is quite rare
With no alternative use it’s not scarce like air

Chorus

Verse III
Opportunity cost? An opportunity lost!
A man was soon to be boss
But he quit and went to college (why?)
He believed in the value of his education

And was thirsty for nourishment and knowledge (OK)
The opportunity cost is what he left behind
The value of the other ways he’d spend his time
It’s the best opportunity never taken
The road un-traveled in the name of education

Next on the agenda is choice, another lesson
Every economy must answer these three questions:
“What should be produced?” “How’s it done?”
“Who is it for?” This is how it’s run

So much to think about, so many dilemmas
24/7 January to December
With the market down and the economy too
It’s hard to figure out just what to do

A stimulus package? Economic incentives?
We’d buy more if things were less expensive
So in a buyer’s market when prices fall
The cost of living will affect us all
And impact all sorts of choices we make
As we weigh the alternatives, there’s so much at stake
... So make your choices wisely

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Description

This song is an introduction to teaching scarcity, choice, and opportunity cost in microeconomics. "Study of Choice" explains cost of living, scarce goods and free goods, and opportunity cost.

This economics song is suitable to for supplementary teaching of scarcity, choice, and opportunity cost to high school, college, and graduate school students.

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Related Reading and Activities

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State Standards

State standards listed here are representative of school standards across the United States.

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