Macro 20
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This document provides a summary of topics covered in a macroeconomics lecture for a final review. It includes definitions and explanations of key macroeconomic concepts like GDP, inflation, unemployment, fiscal and monetary policies, and international trade issues like quotas and tariffs. It also lists different macroeconomic models and outlines the aggregate demand-aggregate supply model.
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Macro 20
- 3. Questions
- 5. Quotas Limit the number Tariff Tax the import
- 7. Winners and Losers Can sell in new markets Lose jobs to foreign competitors
- 8. Trade War Impose Quotas and Tariffs on each other Reciprocate
- 10. Economics Minor Microeconomics Macroeconomics Economic Development Money & Banking International Economics
- 12. Intellectual Financial Physical Human Culture Entrepreneur Six Capitals of Innovation
- 16. GDP per Capita GDP Number of People
- 17. GDP $75 trillion Population 7.5 billion GDP Per Capita $10,000
- 21. Interest Cost to Rent Money Real Nominal Nominal = Real + Inflation
- 23. Tax Rates and Tax Revenues Laffer Curve
- 24. How you slice the pie Determines the size of the pie
- 26. Unemployment Who measures it? How is it measured?
- 29. Macroeconomic Model AD-AS Model Modern Keynesian Model
- 30. Macroeconomic Model Aggregate Demand Long Run Aggregate Demand Short Run Aggregate Demand
- 31. Price Level Real GDP orY AD- AS Model Aggregate Demand Short Run Aggregate Supply Long Run Aggregate Supply LRAS Shape -Vertical Capacity fixed Shift Physical Financial Human Intellectual Cultural SRAS Shape - Slope Up Sticky Wages Sticky Prices Misperceptions Shift Physical Financial Human Intellectual Cultural Expectations AD Shape - Slope Down Wealth Effect Interest Effect Exchange Effect Shift Consumption Investment Government Net Exports
- 32. Consumption Function Relationship between income and consumption
- 33. Consumption Spending C Income Y 45º C =Y Consumption Break-Even Income Saving Earning more than you spend Dissaving Spending more than you earn $60,000 $60,000 $20,000 $30,000 Borrowing $10,000 $100,000 $80,000 Saving $20,000 Autonomous Consumption
- 34. Marginal Propensity to Consume How much are you going to spend on your next dollar?
- 35. Marginal Propensity to Consume + Marginal Propensity to Save = 1.0 or 100% MPC + MPS = 1.0 or 100%
- 38. P2 P3 Price Level Real GDP orY Macroeconomic Model 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 P1 Aggregate Demand 17 Unemployment Inflation
- 42. Monetary Policies Reserve Ratio Discount Rate Open Market Operations
- 43. Automatic Stabilizers Job Unemployed Job Taxes Insurance Taxes
- 44. Money Medium of Exchange Unit of Account Store ofValue
- 45. Money Multiplier 1 ÷ Reserve Ratio Reserve Ratio 1 ÷ Money Multiplier
- 46. Bank Leverage Ratio The ratio of assets to bank capital Assets Bank Capital
- 49. Four Types of Goods Private Goods Public Goods Common Resources Club Goods
- 50. Rival in Consumption? Yes No Yes No Excludable? Private Goods Common Resources Club Goods Public Goods Snickers Bar Car Pizza Satellite TV Paintings Fireworks National DefenseFish in Ocean Air Is it reduced when one person consumes? Can people be prevented from consuming?
- 51. Five Ages Hunter - Gather Agriculture Industrial Information Mobile
- 52. Global Economy
- 53. Trade War Impose Quotas and Tariffs on each other Reciprocate
- 55. ThankYou