This document appears to be from an economics lecture that includes: 1) A quiz asking questions about macroeconomics concepts like GDP and what economists always ask. 2) A discussion of how many ways keys on a piano can be ordered and how to become wealthy by making others happy. 3) A 10 question quiz on macroeconomic topics like GDP, innovation, and whether hurricanes increase GDP. 4) Information about GDP, including that it measures the market value of final goods and services produced in a country over a period of time.

2. Lecture 3
Macroeconomics

3. Opening
Prayer

4. Quiz
1. What are the two questions economists
always ask?
2. What is always the correct answer in
economics?

5. Quizmaster
10 questions
4 answers
email to
mckytee@go.byuh.edu
1 Extra Credit Point

6. How many keys?
How to play?

7. How many ways to order the 88 keys?
88!
1.85 x 10134
185,000,000,000,000,000,000,000,000,000,0
00,000,000,000,000,000,000,000,000,000,00
0,000,000,000,000,000,000,000,000,000,000,
000,000,000,000,000,000,000,000,000,000,0
00,000,000,000,000

8. Get wealthy
by making
others happy

9. Every person
has the power
to create
wealth

10. Because every
person has the
power to make
someone happy

13. Learning English
Access to the world’s
knowledge

14. What if
Steve Jobs
had been
born in
Syria like
his father?

15. Scriptures Economics
Spirit

16. 10 Questions
1. What is GDP?
2. What is GDP per Capita?
3. What is the Average GDP per capita on earth?
4. What is the GDP per capita in your country?
5. What is innovation?
6. Are all inventors also entrepreneurs?
7. What are the capitals of innovation?
8. What is the source of wealth?
9. What is the Magic Machine of economics?
10. Will a hurricane increase GDP?

18. Magic Machine

21. Trade is a
Magic Machine

22. Ideas
Inventions
Innovations

23. Ideas - Everybody
Inventions - Inventors
Innovations - Entrepreneurs

24. Innovations
are market-tested
successful inventions

25. ideas
inventions
innovations
3%

26. Production

27. Innovation

28. Continuous Innovation

29. 1978
China Changed Worldview
Deng Xiaoping
Mao Zedong
1976
Dies

30. Worldview
Political
Legal
Economic

31. GDP
Gross Domestic Product
The market value of all
final goods and services
produced in a country in
a given time

32. GDP
How much stuff a
country makes

33. GDP per
Capita
GDP per Person
Average GDP

34. MarketValue
What something
would sell for

36. MarketValue
One Apple
plus
One Orange
= Three Dollars

37. All
Everything except...
Stuff you don’t sell

38. Final
Intermediate
Final

39. Final
Intermediate

40. Goods
and
Services

41. Goods
Services

42. Produced
New Stuff
Does not include the
sale of used goods

43. Within a
Country

44. In a given period
of time
Year Y/Y
Quarter Q/Q
Annualized: Q x 4

45. Percentage
Change
new number - old number
old number

46. ThisYear - LastYear
LastYear
ThisYear = 75
LastYear = 60
Percentage Change?

47. 75 - 60
60
15
60
.25 or 25%

48. How do you
calculate
GDP?

49. GDP =
C = Consumption
I = Investment
G = Government
X = Exports
M = Imports

50. GDP =
C + I + G + (X - M)