Economic Creative project (economic poem)

1. By: Stephanie Camello
Professor Carter, Econ. 1, Sect. 2244
Due: June 1st, 2010

2. The World of Economics, A Poem
Economics is more than just dollars
It deals with businessmen, families, and even scholars
But what I never knew were the technical terms
So change the slide to see what I’ve learned.

3. Economics is the study of how
Limited resources try to satisfy what we want right now.
The factors of production
Serve many functions.
Physical capital provides the tools
To allow workers to build homes and schools.
Human capital is the knowledge that people can get
from a place like college.

4. Entrepreneurs take the risks
To start businesses and hire people to work shifts.
Land is the space you might need,
It includes animals, minerals, even trees.
Labor is last and it includes
The workers and effort to get you through.

5. There are many aspects of economic theory,
So many it can make you weary.
But there is always one thing everyone can relate to,
Opportunity cost- what you give up and what you do.

6. Opportunity cost is when you choose
To do one thing, and with another thing, lose.
You can choose to hang out with one person or another
Like your sister instead of your brother.
Or if you choose to go the movies,
It may be groovy
But when you miss out on doing your project,
When you get your grade, you’ll feel like a reject.
Another example can be when
You have to study and not hang out with a friend.
The opportunity cost is having to study –
The opportunity lost is hanging out with a buddy.
“An opportunity cost, is an
opportunity lost!”
Doing one thing means missing out on something else

7. GDP= Gross
Domestic Product
Now another thing to know about economics
Is a little thing called gross domestic product.
It measures all things that in one year were made
But some things we don’t count, like things we
may trade.

8. GDP counts everything produced
Like cars, clothes, even apple juice.
If a computer was made right here in the States
It counts in our GDP and everything’s great.
But if a car is made off in Italy
It only counts in their GDP.
Some other things GDP does not count
Include stocks, welfare, even an inheritance account.
So now that we know about GDP
Lets talk about the guys who had theories about the economy.
$$$ Inheritance $$$

9. The two main men who had economic theories
Were like rivals regarding their philosophies.
One was Keynes whom many believed,
Which made the other, Hayek, sort of steamed.
John Maynard Keynes Friedrich von Hayek

10. The British man Keynes had a theory that said
The government should step in before the economy is dead.
He also helped trade to flow freely,
Saving the economy from becoming mealy.
On the other side was Austrian man Hayek
Who though his opposition was a little biased.
Hayek’s theory strongly believed
That the economy should be free.
He though the economy would cure itself
And it should be alone, without the government’s help.
Keynes’ theory was popular from the 1930s-70s
And Hayek then was not taken seriously.
But recently, the tide has turned
And now Hayek’s theory is the one we know and learn.
Free economy…or…government
help??

11. A final topic about economic theory
Is one that can be kind of dreary
It’s the types of unemployment,
A topic that is of less enjoyment.

12. There are many kinds of unemployment.
Unemployment has happened in every place you ever went.
One specific kind is called frictional which occurs
When jobless people are currently looking for work.
Another type is called structural
And many times it is not optional
Like if new technology or a machine takes your job
Husking the layer off corn on the cob.
Or if your job is outsourced to some guy
Who’s all the way in Mumbai.

13. Another kind is seasonal, which
Means you’re employed only for a season like
Christmas.
A final type is known as cyclical which occurs
When people spend less and the economy is in a
general downturn.
Now that I know more about economic theory
I no longer feel so weary.

14. Economics is exactly what we need
To keep a country strong and free
Without this knowledge you can’t understand
The simple law of supply and demand.
Economics is the heart
Of everything in a country, so do your part
And understand
That economics makes a country grand.
If you get it, then you’ll know it’s true
That economics affects everything single thing YOU DO!

15. Creative Project
This 95 line poem has been a Stephanie Camello Production
A student production of El Camino College
Brought to you by Powerpoint