Basic Concepts - Coursework Example

Teacher Economic concepts in music Songs may have been composed to entertain us. If we however looked at their lyrics, many of these contains concepts that can even applied to economics. In this paper, there are three songs of popular pop artists that contains economic concepts which are Taylor Swift - Should Have Said No Lyrics, Beyonce Knowles - Single Ladies and Johnny Cash’s I Walk the Line. Taylor Swifts lyrics that reads “You should have thought twice before you let it all go./ You shouldve known that word bout what you did with” is actually an economic concept of opportunity cost which posits that a certain decision entails giving up another choice.

For example, when “what you did” was done, it meant letting go of his girl, so he has to think twice if he cheats (“what you did”) because it would entail his girl leaving him. Beyonce Knowles Single Ladies also explains the basic transaction of exchange in economics. That if you want something, a good or service or in this case, the girl, you should pay or put a ring on it. This is present in the lyrics “Cause if you liked it, then you should have put a ring on it/ If you liked it, then you shoulda put a ring on it”.

Johnny Cash’s I Walk the Line is a little complex because it explains the concepts of inelastic demand. That is, the demand remains constant regardless of price. In the lyrics, it present in these lines that reads “Youve got a way to keep me on your side/ You give me cause for love that I cant hide”. In this music, the other person which the music pertains to gives the singer “to keep me on your side”. The me is the “service” in this lyrics of which the other person is willing to pay or give at any price just to keep “me on your side”.