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Macro 3

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Gale Pooley
Gale Pooley

Macro 3

Economy & Finance
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Lecture 3 Macroeconomics
Opening Prayer
Start Recording
Questions?
Supply and Demand
How much ?
On the Principles of Political Economy and Taxation 1817 Comparative Advantage David Ricardo
Comparative Advantage True but not obvious
Comparative Advantage Opportunity Costs
Adam Eve Total Hours Make a Hook 3 2 5 Catch a Fish 4 1 5 Total Hours 7 3 10 No Trade 2 Hooks and 2 Fish 10 Hours - 5 Hours per Fish
Adam Eve Total Hours Make a Hook Cost 3/4 fish Cost 2 fish Catch a Fish Cost 4/3 hooks Cost 1/2 hooks Total Hours Do-It-Yourself Costs
Adam Eve Total Hours Make a Hook 2 hooks 6 hours 6 Catch a Fish 2 fish 2 hours 2 Total Hours 6 2 8 With Trade 2 Hooks and 2 Fish 8 Hours - 4 Hours Per Fish
Theory Statement of Causation Facts Conclusion Connecting the Facts with Logic Assumptions
Assumptions Facts Facts Assumptions Assumptions Conclusion Logic LogicLogic Logic Logic Logic Logic If ….Then…
Assumptions Facts Facts Assumptions Assumptions Conclusion Logic LogicLogic Logic Logic Logic Logic If ….Then…
Magic Machine
Trade is a Magic Machine
Science Hard Soft
Most people Most of the time Economics is a Soft Science
GDP Gross Domestic Product The market value of all final goods and services produced in a country in a given time
GDP How much stuff a country makes
GDP per Capita GDP per Person Average GDP
MarketValue What something would sell for
MarketValue One Apple plus One Orange = Three Dollars
All Everything except... Stuff you don’t sell
Final Intermediate Final
Final Intermediate
Goods and Services
Goods Services

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