ECO 101
Microeconomics
Wednesday, September 4, 13
Gale L. Pooley,
Ph.D., MAI, MRICS, CCIM, SRA
gpooley@alfaisal.edu
Office B3-44
Wednesday, September 4, 13
Wednesday, September 4, 13
Wednesday, September 4, 13
Wednesday, September 4, 13
Wednesday, September 4, 13
Wednesday, September 4, 13
Wednesday, September 4, 13
Wednesday, September 4, 13
Wednesday, September 4, 13
Wednesday, September 4, 13
Wednesday, September 4, 13
Wednesday, September 4, 13
Wednesday, September 4, 13
Wednesday, September 4, 13
Wednesday, September 4, 13
Wednesday, September 4, 13
Wednesday, September 4, 13
Wednesday, September 4, 13
Wednesday, September 4, 13
Wednesday, September 4, 13
Wednesday, September 4, 13
Wednesday, September 4, 13
How did this happen?
Wednesday, September 4, 13
Wednesday, September 4, 13
Prince Alwaleed bin Talal al Saud
Wednesday, September 4, 13
Prince Alwaleed bin Talal al Saud
Wednesday, September 4, 13
Prince Alwaleed bin Talal al Saud
Bill Gates
Wednesday, September 4, 13
Prince Alwaleed bin Talal al Saud
Bill Gates
Wednesday, September 4, 13
Scarcity
Wednesday, September 4, 13
Scarcity
Choices
Wednesday, September 4, 13
Scarcity
Choices
Tradeoffs
Wednesday, September 4, 13
Make Better
Choices
Wednesday, September 4, 13
Wednesday, September 4, 13
Wednesday, September 4, 13
Syllabus
elearning.alfaisal.edu
download and print
Wednesday, September 4, 13
Time Commitment
	

 	

 Class 	

	

 	

 	

 	

 	

 3 Hours
	

 	

 Homework 	

	

 6 Hours
	

 	

 Total 	

	

 	

 	

 ...
Class Blog
afecon101.blogspot.com
Moodle
elearning.alfaisal.edu
Wednesday, September 4, 13
eBook
Download
Use for
Micro
and
Macro
Wednesday, September 4, 13
Who is
responsible
for your
education?
Wednesday, September 4, 13
Who is
responsible
for your
education?
Good
Grades
or
Knowledge?
Wednesday, September 4, 13
Think
like an
Economist
Wednesday, September 4, 13
Words
Numbers
Illustrations
Wednesday, September 4, 13
Economist’s
Dictionary
Wednesday, September 4, 13
Facts
Wednesday, September 4, 13
Facts
Reasons
Wednesday, September 4, 13
Facts
Reasons
who what where when how
Wednesday, September 4, 13
Facts
Reasons
who what where when how
why
Wednesday, September 4, 13
Get the most
out of life
Wednesday, September 4, 13
Rational
Incentives
Margin
Wednesday, September 4, 13
Optimize
Tradeoffs
Wednesday, September 4, 13
Tradeoffs
Mileage Safety
A 2001 National Academy of Sciences study estimated that the traffic
death toll attributable to pa...
Economic Models
Wednesday, September 4, 13
Economic Models
SimplifiedVersion of
Reality
Wednesday, September 4, 13
Economic Models
SimplifiedVersion of
Reality
Value in Prediction
Wednesday, September 4, 13
Incentives Matter
Wednesday, September 4, 13
Incentives Matter
Change Incentives
Change Behavior
Wednesday, September 4, 13
Incentives are
more important
than goals
Wednesday, September 4, 13
Consequences
matter more than
intentions
Wednesday, September 4, 13
Unintended
Consequences
Wednesday, September 4, 13
Macro Micro
Wednesday, September 4, 13
Wednesday, September 4, 13
Wednesday, September 4, 13
Wednesday, September 4, 13
Science
Wednesday, September 4, 13
Science
Hard
Soft
Wednesday, September 4, 13
Soft Science
Wednesday, September 4, 13
Soft Science
People don’t
always do the
same thing
Wednesday, September 4, 13
Soft Science
Wednesday, September 4, 13
Soft Science
Most people
most of the time
Wednesday, September 4, 13
What is Wealth?
Wednesday, September 4, 13
What is Wealth?
What People Want
Wednesday, September 4, 13
Get wealthy
by making
others happy
Wednesday, September 4, 13
Every person
has the power
to create wealth
Wednesday, September 4, 13
Because every
person has the
power to make
someone happy
Wednesday, September 4, 13
Wednesday, September 4, 13
What if
Steve Jobs
had been
born in
Syria like
his father?
Wednesday, September 4, 13
What is worth the most?
Wednesday, September 4, 13
Where
is the
iPhone
made?
Wednesday, September 4, 13
Global Device
Wednesday, September 4, 13
Global Device
Wednesday, September 4, 13
Global Device
Wednesday, September 4, 13
ARM Holdings
Wolfson
Marvel
Skyworks
CSR
Linear Technologies
NXP
National Semiconductor
Sharp
Samsung
Toshiba
Infineon
Broa...
Where was this
t-shirt made?
Wednesday, September 4, 13
Where was this
t-shirt made?
Wednesday, September 4, 13
Wednesday, September 4, 13
Wednesday, September 4, 13
Wednesday, September 4, 13
Wednesday, September 4, 13
Ideas
occur in minds
not places
Wednesday, September 4, 13
Hockey
Stick
Trends
Wednesday, September 4, 13
Angus Maddison
Wednesday, September 4, 13
Angus Maddison
1
AD
Wednesday, September 4, 13
Angus Maddison
20121
AD
Wednesday, September 4, 13
Angus Maddison
20121
AD
$100
Wednesday, September 4, 13
Angus Maddison
Income
Per
Person
Per
Day
20121
AD
$100
Wednesday, September 4, 13
$3
Angus Maddison
Income
Per
Person
Per
Day
20121
AD
$100
Wednesday, September 4, 13
$3
Angus Maddison
Income
Per
Person
Per
Day
20121
AD
$100
Wednesday, September 4, 13
20121
AD
$3
$100
Angus Maddison
Income
Per
Person
Per
Day
Wednesday, September 4, 13
20121
AD
$3
$100
1820
Angus Maddison
“The Millennium–Poor Until 1820”
Income
Per
Person
Per
Day
Wednesday, September 4, 13
20121
AD
$3
$100
$30
World
10x
1820
Angus Maddison
“The Millennium–Poor Until 1820”
Income
Per
Person
Per
Day
Wednesday, S...
20121
AD
$3
$100
$30
World
10x
Northern Europe
North America
33x
1820
Angus Maddison
“The Millennium–Poor Until 1820”
Inco...
Slope
Percentage Change
Relationships
Cause and Effect
Areas
Wednesday, September 4, 13
Wednesday, September 4, 13
Wednesday, September 4, 13
Wednesday, September 4, 13
Wednesday, September 4, 13
Wednesday, September 4, 13
Wednesday, September 4, 13
Wednesday, September 4, 13
Wednesday, September 4, 13
Wednesday, September 4, 13
X
Y
Wednesday, September 4, 13
X
Y
Quantity
Price
Wednesday, September 4, 13
X
Y
Quantity
Price
Q
P
Wednesday, September 4, 13
Q
P
Wednesday, September 4, 13
Q
P
Wednesday, September 4, 13
Q
P
Wednesday, September 4, 13
Q
P
Wednesday, September 4, 13
Q
P
Wednesday, September 4, 13
Q
P
Wednesday, September 4, 13
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101 lecture 1

  1. 1. ECO 101 Microeconomics Wednesday, September 4, 13
  2. 2. Gale L. Pooley, Ph.D., MAI, MRICS, CCIM, SRA gpooley@alfaisal.edu Office B3-44 Wednesday, September 4, 13
  3. 3. Wednesday, September 4, 13
  4. 4. Wednesday, September 4, 13
  5. 5. Wednesday, September 4, 13
  6. 6. Wednesday, September 4, 13
  7. 7. Wednesday, September 4, 13
  8. 8. Wednesday, September 4, 13
  9. 9. Wednesday, September 4, 13
  10. 10. Wednesday, September 4, 13
  11. 11. Wednesday, September 4, 13
  12. 12. Wednesday, September 4, 13
  13. 13. Wednesday, September 4, 13
  14. 14. Wednesday, September 4, 13
  15. 15. Wednesday, September 4, 13
  16. 16. Wednesday, September 4, 13
  17. 17. Wednesday, September 4, 13
  18. 18. Wednesday, September 4, 13
  19. 19. Wednesday, September 4, 13
  20. 20. Wednesday, September 4, 13
  21. 21. Wednesday, September 4, 13
  22. 22. Wednesday, September 4, 13
  23. 23. Wednesday, September 4, 13
  24. 24. How did this happen? Wednesday, September 4, 13
  25. 25. Wednesday, September 4, 13
  26. 26. Prince Alwaleed bin Talal al Saud Wednesday, September 4, 13
  27. 27. Prince Alwaleed bin Talal al Saud Wednesday, September 4, 13
  28. 28. Prince Alwaleed bin Talal al Saud Bill Gates Wednesday, September 4, 13
  29. 29. Prince Alwaleed bin Talal al Saud Bill Gates Wednesday, September 4, 13
  30. 30. Scarcity Wednesday, September 4, 13
  31. 31. Scarcity Choices Wednesday, September 4, 13
  32. 32. Scarcity Choices Tradeoffs Wednesday, September 4, 13
  33. 33. Make Better Choices Wednesday, September 4, 13
  34. 34. Wednesday, September 4, 13
  35. 35. Wednesday, September 4, 13
  36. 36. Syllabus elearning.alfaisal.edu download and print Wednesday, September 4, 13
  37. 37. Time Commitment Class 3 Hours Homework 6 Hours Total 9 Hours Wednesday, September 4, 13
  38. 38. Class Blog afecon101.blogspot.com Moodle elearning.alfaisal.edu Wednesday, September 4, 13
  39. 39. eBook Download Use for Micro and Macro Wednesday, September 4, 13
  40. 40. Who is responsible for your education? Wednesday, September 4, 13
  41. 41. Who is responsible for your education? Good Grades or Knowledge? Wednesday, September 4, 13
  42. 42. Think like an Economist Wednesday, September 4, 13
  43. 43. Words Numbers Illustrations Wednesday, September 4, 13
  44. 44. Economist’s Dictionary Wednesday, September 4, 13
  45. 45. Facts Wednesday, September 4, 13
  46. 46. Facts Reasons Wednesday, September 4, 13
  47. 47. Facts Reasons who what where when how Wednesday, September 4, 13
  48. 48. Facts Reasons who what where when how why Wednesday, September 4, 13
  49. 49. Get the most out of life Wednesday, September 4, 13
  50. 50. Rational Incentives Margin Wednesday, September 4, 13
  51. 51. Optimize Tradeoffs Wednesday, September 4, 13
  52. 52. Tradeoffs Mileage Safety A 2001 National Academy of Sciences study estimated that the traffic death toll attributable to past downsizing was approximately 2,000 lives per year. Wednesday, September 4, 13
  53. 53. Economic Models Wednesday, September 4, 13
  54. 54. Economic Models SimplifiedVersion of Reality Wednesday, September 4, 13
  55. 55. Economic Models SimplifiedVersion of Reality Value in Prediction Wednesday, September 4, 13
  56. 56. Incentives Matter Wednesday, September 4, 13
  57. 57. Incentives Matter Change Incentives Change Behavior Wednesday, September 4, 13
  58. 58. Incentives are more important than goals Wednesday, September 4, 13
  59. 59. Consequences matter more than intentions Wednesday, September 4, 13
  60. 60. Unintended Consequences Wednesday, September 4, 13
  61. 61. Macro Micro Wednesday, September 4, 13
  62. 62. Wednesday, September 4, 13
  63. 63. Wednesday, September 4, 13
  64. 64. Wednesday, September 4, 13
  65. 65. Science Wednesday, September 4, 13
  66. 66. Science Hard Soft Wednesday, September 4, 13
  67. 67. Soft Science Wednesday, September 4, 13
  68. 68. Soft Science People don’t always do the same thing Wednesday, September 4, 13
  69. 69. Soft Science Wednesday, September 4, 13
  70. 70. Soft Science Most people most of the time Wednesday, September 4, 13
  71. 71. What is Wealth? Wednesday, September 4, 13
  72. 72. What is Wealth? What People Want Wednesday, September 4, 13
  73. 73. Get wealthy by making others happy Wednesday, September 4, 13
  74. 74. Every person has the power to create wealth Wednesday, September 4, 13
  75. 75. Because every person has the power to make someone happy Wednesday, September 4, 13
  76. 76. Wednesday, September 4, 13
  77. 77. What if Steve Jobs had been born in Syria like his father? Wednesday, September 4, 13
  78. 78. What is worth the most? Wednesday, September 4, 13
  79. 79. Where is the iPhone made? Wednesday, September 4, 13
  80. 80. Global Device Wednesday, September 4, 13
  81. 81. Global Device Wednesday, September 4, 13
  82. 82. Global Device Wednesday, September 4, 13
  83. 83. ARM Holdings Wolfson Marvel Skyworks CSR Linear Technologies NXP National Semiconductor Sharp Samsung Toshiba Infineon Broadcom Numonyx Micron Dialog Semiconductor Texas Instruments STMicroelectronics Silicon Storage RF Microdevices Cirrus Logic U.S. U.K. Germany Korea Japan Taiwan China Wednesday, September 4, 13
  84. 84. Where was this t-shirt made? Wednesday, September 4, 13
  85. 85. Where was this t-shirt made? Wednesday, September 4, 13
  86. 86. Wednesday, September 4, 13
  87. 87. Wednesday, September 4, 13
  88. 88. Wednesday, September 4, 13
  89. 89. Wednesday, September 4, 13
  90. 90. Ideas occur in minds not places Wednesday, September 4, 13
  91. 91. Hockey Stick Trends Wednesday, September 4, 13
  92. 92. Angus Maddison Wednesday, September 4, 13
  93. 93. Angus Maddison 1 AD Wednesday, September 4, 13
  94. 94. Angus Maddison 20121 AD Wednesday, September 4, 13
  95. 95. Angus Maddison 20121 AD $100 Wednesday, September 4, 13
  96. 96. Angus Maddison Income Per Person Per Day 20121 AD $100 Wednesday, September 4, 13
  97. 97. $3 Angus Maddison Income Per Person Per Day 20121 AD $100 Wednesday, September 4, 13
  98. 98. $3 Angus Maddison Income Per Person Per Day 20121 AD $100 Wednesday, September 4, 13
  99. 99. 20121 AD $3 $100 Angus Maddison Income Per Person Per Day Wednesday, September 4, 13
  100. 100. 20121 AD $3 $100 1820 Angus Maddison “The Millennium–Poor Until 1820” Income Per Person Per Day Wednesday, September 4, 13
  101. 101. 20121 AD $3 $100 $30 World 10x 1820 Angus Maddison “The Millennium–Poor Until 1820” Income Per Person Per Day Wednesday, September 4, 13
  102. 102. 20121 AD $3 $100 $30 World 10x Northern Europe North America 33x 1820 Angus Maddison “The Millennium–Poor Until 1820” Income Per Person Per Day Wednesday, September 4, 13
  103. 103. Slope Percentage Change Relationships Cause and Effect Areas Wednesday, September 4, 13
  104. 104. Wednesday, September 4, 13
  105. 105. Wednesday, September 4, 13
  106. 106. Wednesday, September 4, 13
  107. 107. Wednesday, September 4, 13
  108. 108. Wednesday, September 4, 13
  109. 109. Wednesday, September 4, 13
  110. 110. Wednesday, September 4, 13
  111. 111. Wednesday, September 4, 13
  112. 112. Wednesday, September 4, 13
  113. 113. X Y Wednesday, September 4, 13
  114. 114. X Y Quantity Price Wednesday, September 4, 13
  115. 115. X Y Quantity Price Q P Wednesday, September 4, 13
  116. 116. Q P Wednesday, September 4, 13
  117. 117. Q P Wednesday, September 4, 13
  118. 118. Q P Wednesday, September 4, 13
  119. 119. Q P Wednesday, September 4, 13
  120. 120. Q P Wednesday, September 4, 13
  121. 121. Q P Wednesday, September 4, 13

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