EconGoneCountry

Supply and demand with a twang

Title: Parachute

​Artist: Chris Stapleton

Economic Concepts: Elasticity 

Details: Principles students first learn about the negative relationship between price and quantity demanded, but the responsiveness of buyers to changes in price vary for different types of goods.  Once students understand elasticity, they are able to better understand the supply and demand framework.  When consumers are unresponsive to changes in the price of goods and services, the demand is inelastic.  Some of the factors that determine the price elasticity of demand include the existence of substitutes, whether the good or service is a necessity, and time.  As a result, we can see from the song that the demand is inelastic for the goods listed.  "You only need a roof when it's raining.  You only need a fire when it's cold.  You only need a drink when the whiskey is the only thing that you have left to hold."  These items are considered necessities, particularly in the immediate run, and there are few to no substitutes for them.             

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Lyrics: 
Street lights along the highway
Throwing shadows in the dark
And the memories keep on turning
To the rhythm of a broken heart

You only need a roof when it's raining
You only need a fire when it's cold
You only need a drink when the whiskey
Is the only thing that you have left to hold
Sun comes up and goes back down
And falling feels like flying 'til you hit the ground
Say the word and I'll be there for you
Baby, I will be your parachute

Parachute

There's a song that I remember
I never learned to play
And a lifetime of forgotten words
I never got to say

You only need a roof when it's raining
You only need a fire when it's cold
You only need a drink when the whiskey
Is the only thing that you have left to hold
Sun comes up and goes back down
And falling feels like flying 'til you hit the ground
Say the word and I'll be there for you
Baby, I will be your parachute

Parachute

If you think you're going down
Just know I will be around

You only need a roof when it's raining
You only need a fire when it's cold
You only need a drink when the whiskey
Is the only thing that you have left to hold
Sun comes up and goes back down
And falling feels like flying 'til you hit the ground
Say the word and I'll be there for you
Baby, I will be your
Baby I will be your parachute  ​​​​