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Macro 1

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Gale Pooley
Gale Pooley

Macro 1

Economy & Finance
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Lecture 1 - Introduction Macroeconomics
Dr. Gale L. Pooley, Ph.D. Email: gpooley@byuh.edu Phone: 675-3587 Office: HGB 227 Office Hours: Tuesday,Wednesday, and Thursday 2:00pm to 3:00pm or by appointment
Angus Maddison
20161 AD $2 $100 $30 World 15x Northern Europe North America 50x 1820
88% to 2% in 32 years
1820 2018 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
Astonishing! extremely surprising or impressive; amazing.
How did this happen?
Observe
Think
?
Observe Why Test Think
The Economic Way of Thinking Think Like an Economist
Section 1
Section 2
Section 3
Econ 201
Course Textbook Modern Principles of Macroeconomics 4th Edition Cowan, Tabarrok.
Free Trial Go to https://www.macmillanhighered.com/launchpad/cowentabarrokmacro4e/11883878
Activate Flash
Econ Club
Digital-Free Zone No Laptops or Cell Phones
Points Exams 75% Homework, Quizzes In-Class 25% Total 100%
Grading Scale
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
“The pursuit, discovery, and application of truth are what we are on this earth to discover.”
"For a poor person everything is terrible. . . . we are afraid of everything; we depend on everyone. No one needs us. We are like garbage that everyone wants to get rid of” Blind woman from Tiraspol, Moldova 1997 (cited in Narayan, 2000, p. 65).
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.
Scarcity Choices
Make Better Choices
Economics How we create value for one another Cooperation
Time Commitment Class 3 Hours Homework 6 Hours Total 9 Hours
Econ Lab Jaeleen Room 117 Tuesdays 7pm - 9pm Thursdays 9pm -11pm
Can you make a pencil?
Every Trade One Price TwoValues Two Winners
Think like an Economist
Words Numbers Illustrations
Economist’s Dictionary
Yabut Yes, but Weight Costs and Benefits
Then What Happens?
Who should make your choices?
What do you want to be?
Get the most out of life
Rational Incentives Margin
Where is the iPhone made?
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
Made on Earth
Design Manufacturing Parts Assembly Packaging Shipping Marketing
What would you have to be paid to never use the Internet again? Then you must be a millionaire
Only possible because billions of people have learned to cooperate with each other To serve one another
The most creative-destructive device ever invented

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