Macro 7
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- Exam 1 for Macroeconomics will take place on Friday, September 28 in the Testing Center. It will cover Chapters 1-7 and 9 from the textbook as well as material from lectures and on-line quizzes. - A lecture document outlines key economic concepts to be studied including comparative advantage, supply and demand, GDP, savings and investment, and models of economic growth from 1820 to present showing increasing population, life expectancy, and income per capita globally and for different regions. - Key ideas from lectures are also summarized such as how trade creates value, innovation as the source of wealth creation, and different types of capital that contribute to economic growth and development.
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Macro 7
- 3. Exam 1 Friday September 28 Testing Center
- 6. Chapters 1-7, 9 Textbook On-Line Quizzes Lectures
- 7. Textbook The 10 Big Ideas Trade Comparative Advantage Supply and Demand Equilibrium Price Ceilings and Floors GDP Wealth Creation Savings, Investment, and the Financial System
- 8. Lectures
- 9. World 15x Northern Europe North America 50x 1820 20161 AD $2 $100 $30 Angus Maddison
- 10. 1820 2017 Change Population 1 billion 7.5 billion 7.5 x Life Expectancy 30 years 72 years 42 + Income Per Capita Per Day $2 $30 15 x
- 11. All human beings—male and female—are created in the image of God. Each is a beloved spirit son or daughter of heavenly parents, and, as such, each has a divine nature and destiny.
- 12. For the earth is full, and there is enough and to spare; yea, I prepared all things, and have given unto the children of men to be agents unto themselves. Doctrine and Covenants 104:17 Year: 1834
- 13. Economics How we create value for one another Cooperation
- 14. Every Trade One Price TwoValues Two Winners
- 15. Yabut Yes, but Weigh Costs and Benefits
- 18. Economic Models Simplified Version of Reality Value in Prediction
- 19. What is Wealth? What People Want
- 20. What is Capital? Anything that can create value
- 21. Every person has the power to create wealth
- 22. Magic Machine
- 23. Trade is a Magic Machine
- 25. Ideas IntellectualHumanPhysical Financial Inventions Culture Entrepreneurs The Capitals of Innovation Innovation People Markets
- 26. Physical Capital natural resources time buildings equipment things than make things
- 28. Intellectual Capital ways of doing things knowledge technology methods recipes
- 29. Financial Capital money and risk savers and borrowers time is money (1+r)n insurance limited liability double entry accounting
- 31. Entrepreneurial Capital Make innovations out of inventions arbitrageurs perceivers synthesizers value creators
- 34. 88 keys How many songs are possible?
- 35. Engineers and biologists count the number of keys on a piano Economists listen to the infinite variety of songs entrepreneurs can produce
- 37. Adam Smith 1723-1790 Scotland An Inquiry Into the Nature and Causes of the Wealth of Nations 1776
- 38. GDP Gross Domestic Product The market value of all final goods and services produced in a country in a given time
- 39. GDP = C + I + G + (X - M)
- 40. GDP - 2017 $80 trillion Population 7.5 billion GDP Per Capita $10,667
- 41. Your Country GDP Population GDP Per Capita Source
- 42. Rule of 70s Doubling time = 70 r
- 43. 10%? 7% 3.5% 1%
- 44. Exam 1 Friday September 28 Testing Center