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Lecture 3.pdf
1.
Lecture 3 The Economic
History of the United States
2.
Quiz 1 Ten Questions Ten
Minutes
3.
Culture Human Beings Ideas Physical Human
Intellectual Financial Inventions Entrepreneurs Free Markets Innovations The Capitals of Innovation
4.
Culture Human Beings Ideas The Capitals
of Innovation Physical Human Intellectual Financial Inventions
5.
Proof of an
Idea Thought to reality Invention
6.
Culture Human Beings Ideas The Capitals
of Innovation Physical Human Intellectual Financial Inventions Entrepreneurs
7.
Risk Takers Value Inventions to
Innovations Freedom to Discover Learning Failure Entrepreneurs
8.
Inventor Entrepreneur
9.
Thomas Edison Inventor and Entrepreneur Very
Rare
10.
Culture Human Beings Ideas The Capitals
of Innovation Physical Human Intellectual Financial Inventions Entrepreneurs Free Markets
11.
Where buyers and sellers
discover value Free Markets
12.
Solve each other's problems
with a price system Free Markets
13.
Information system that creates incentives Price
System
14.
Market-Successful Invention Pro fi table Invention Innovation
15.
All Trades Have One
Price And Two Values
16.
Our di ff erences in values
allow us to create value for one another
17.
Culture Human Beings Ideas Physical Human
Intellectual Financial Inventions Entrepreneurs Free Markets Innovations The Capitals of Innovation
18.
We create value
by continuously innovating our capitals
19.
20.
Where is the iPhone made?
21.
22.
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
23.
Made on Earth
24.
Only possible because billions of
people have learned to cooperate with each other To serve one another
25.
What does it
cost to ship an iPhone from China to the U.S.? 54¢ 450,000 iPhones cost about $242,000 to charter Fuel accounting for more than half the expense. 44,700 gallons
26.
GDP Gross Domestic Product The
market value of all final goods and services produced in a country in a given time
27.
GDP How much stuff
a country makes
28.
GDP per Capita GDP per
Person Average GDP
29.
GDP ÷ Population
30.
MarketValue What something would sell
for
31.
32.
MarketValue One Apple plus One Orange =
Three Dollars
33.
All Everything except... Stuff you
don’t sell
34.
Final Intermediate Final
35.
Final Intermediate
36.
Goods and Services
37.
Goods Services
38.
Produced New Stuff Does not
include the sale of used goods
39.
Within a Country
40.
In a given
period of time Year Y/Y Quarter Q/Q Annualized: Q x 4
41.
Percentage Change new number -
old number old number
42.
ThisYear - LastYear LastYear ThisYear
= 75 LastYear = 60 Percentage Change?
43.
75 - 60 60 15 60 .25
or 25%
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