Economic ideas are found throughout our society, even through the type of music we listen to. We can relate basic economic ideas to things we use in our daily lives. In G-Eazy’s song “Opportunity Cost” directly relates to the concepts learned in Microeconomics. G- Eazy opens the song by saying “everything costs something bro, winning somewhere, somewhere else you just lost something though.” This line is directly related to the concept opportunity cost. Opportunity cost is defined as “the value of a forgone alternative.” This concept means that in order to gain something, you are giving up something else in return. The example used in class was when we are going to class we get the benefits of an education, but we are giving up our time to be working and to be making money. …show more content…
At the beginning of the song he talks about how that type of life was important to him, but towards the end of the song he realizes he made a mistake. Opportunity cost is all about balancing which options will give you the most benefit. G- Eazy slowly realizes he made the wrong decision. He even goes as far as wondering the rock star life was even for
In Cocktail Party Economics, scarcity, value, exchange, production, and comparative advantage are useful in understanding the demand and supply model and the concept of equilibrium. The first concept we can look at is scarcity. “Scarcity creates costly choices” (18). We must decide to go without an item or pay a higher price due to its scarcity. The price can continue changing until equilibrium is reached where the quantity demanded equals the quantity supplied.
Throughout the term in BPBE 272 there has been many important skills I have learned to help me pursue my goal in University. I have learned all key concepts of economics and also learned how to use them in my everyday life. This class has gave me tremendous help on how to look at the world in the way an economist does. You have taught us in a way that did not require us to just memorize the material but to actually take the time to learn about the information we are given. I will explain the main points I have learned in this class, what it means to have learned all of the information, How I have changed my perspective on economics, how I can apply my knowledge in the workforce and why this course was so important to me.
“ It shows that the healthiest, happiest and even safest -- in terms of both climate change disaster, in terms of crime, all of that -- are Americans who live lives intertwined with their neighbors.” (Source B) People living in such humbleness can only bring abundance of happiness into their lives. The feeling of insufficiently achieving a curtain exception can be defeating the purpose of the American dream, by patronizing the freedom and value of diversity in this nation. Gatsby’s lifestyle was not respected or admired to be seen as achieving the American dream. “So while Gatsby's story arc resembles a traditional rags-to-riches tale, the fact that he gained his money immorally complicates the idea that he is a perfect avatar for the American Dream.”
Kanye West is a very similar man to Jay Gatsby, especially since he also came from an impoverished childhood, living in a single parent household in the slums of a crime-ridden Southside Chicago. Kanye West also eventually rose to wealth but did it through music producing, album-making, and fashion-designing. He went to the American Academy of Art for college at first, though soon transferred to the University of Chicago, where his mother was an English Professor. But he too dropped out from college as well, hating the college setting and learning environment and wanting the dedicate his full and undivided attention to his musical career. On his debut album titled “The College Dropout,” he discusses the road to riches in his hit song “All Falls Down”; “It seems we living the American dream /
These economic concepts were scarcity and choice and self -interest. The first economic concept of scarcity and choice is seen when the authors discuss money as a limited resource. The limited resources which in this case is money by incomes that cause people to decline health insurance coverage. According to Sered and Fernandopulle, it is an individual’s choice not to get any health insurance because they cannot afford it. Sometimes it comes down to choosing to pay their bills or have proper health coverage.
The song talks about the sale of drugs which is still illegal to this day. Together these quotes help show how Gatsby got his money illegally. Another connection between the book and story is how in both they do not
Representation of Money in The Great Gatsby In The Great Gatsby, wealth was a huge contributing factor in the plot of the story. This story represents three classes of money; “old money”, “new money” and “no money” (Kestler, Justin). Jay Gatsby would be a part of the “new money” class because he made his fortune on his own by illegally selling alcohol. Tom and Daisy would be a part of the “old money” class due to the fact that their wealth was inherited through former family members. Though money has the ability to create a comfortable life, the love of it is evil and can cause many bad things to occur.
Some lyrics focus on success and making money. Nevertheless,
What is Economics? Economic is the study of goods and services are produced, bought and sold, economics explains how do the people interact in the market to get what they really want or accomplish some of their different goals. Since economic is a drive force of human interaction studying it often reveals why people and government behave in particular ways. Anything that related in money is called economic.
The Consequences of Having Great Wealth “You can have all the money and power in the world but it can’t buy you happiness and it certainly can’t buy you love” (Anonymous). True happiness comes from the inside and cannot be bought. The concept that happiness can’t come from wealth is a prevalent theme in Fitzgerald’s novel The Great Gatsby. In The Great Gatsby, Nick Caraway narrates his life in a world filled with rich social gatherings, corruption and love affairs.
Chancelor Bennett, better known as Chance the Rapper, has made a sudden appearance in the world of rap since 2012 when he released his first album “10 Day”. Since then, Chance the Rapper has gained popularity with his albums “Acid Rap” in 2013, and most recently “Coloring Book” in 2016. Chance the Rapper is known for his quirky and free-flowing raps about things that are important to him, like his native city of Chicago, freedom, or even his faith. His creative process to make genius raps sometimes take weird directions and fully understanding how this artist makes music is very amazing.
Vivian Le Mr. Moore Online Econ 09/21/15 Chapter 1 Section 1 p.6 Section Assessment 2, 6, 8, 10 2. The idea of scarcity being a starting point for thinking economically is because the aim for economics is to solve the problem of scarcity. This occurs because resources are limited and needs or wants are unlimited. 6. In the economy entrepreneurs play an important role because they’re in control of combining land, labor, and capital in order to establish new factor production.
Throughout the novel, The Great Gatsby by F. Scott Fitzgerald, and the poem, “Richard Cory” by Edwin Arlington Robinson, both authors are in fact pointing out; don't judge someone for how they look or what they posses, because no one knows what they feel inside and what they are living. In The Great Gatsby, there are many characters whom live the American Dream, but only one best fits with the theme and that is Jay Gatsby. As the final lines of the poem get closer, it becomes more clear that the author's point is; Luxury does not fulfill someone's life. The people in town see Richard Cory with all his luxuries and wish to be in his place, “In fine, we thought that he was everything/ To make us wish that we were in his place” (Robinson 11-12).
In this part of the research, macro and micro environmental aspect used to analyze music industry. PESTEL analysis used for macro environmental and Porter five forces for micro environmental. Through PESTEL analysis, it is easy to face with a lot of factors such as Political and Economic in music business. But the most important factor in this kind of analysis is Technology because it is also heavily influencing social factors within the music industry, according to developments in social and mobile networks. Moreover, in micro environment analysis using Porter’s five forces there is opportunity to understand better the customers, competitors, suppliers and all the others which are responsible in the music industry.