paper 1 - Lauren Hanrahan ECO 211-10 Due: 1/18/11...

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Lauren Hanrahan ECO 211-10 Due: 1/18/11 Assignment 1: Song Lyrics and the Principles of Economics Freedom's just another word for nothing left to lose, Nothing don't mean nothing honey if it ain't free, now now. And feeling good was easy, Lord, when he sang the blues, You know feeling good was good enough for me, Good enough for me and my Bobby McGee. The above song lyrics relate very much to the ten principles of economics, however it also contradicts the principles. When it comes to relating the principles to the lyrics, principle four sticks out most in my mind. This principle describes how people respond to incentives. An incentive causes somebody to act a certain way and possibly make one choice over the other. The line “You know feeling good was good enough for me” is an incentive. Feeling good is the writer’s incentive. Principle five also makes itself evident in the song. The line “And feeling good was easy; lord when he sang the blues” closely reflects the principle, relating to trade. Trade makes everyone better off because with specialization, people do what they are best at.
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paper 1 - Lauren Hanrahan ECO 211-10 Due: 1/18/11...

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