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Macro 3

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Gale Pooley
Gale Pooley

This document contains lecture notes on macroeconomics that include: 1. A quiz with questions about trade, the iPhone's country of origin, and the value of English. 2. Statistics showing the decreasing percentage of U.S. farmers from 1800 to 2012. 3. Questions about what happened to the 88% of people who were once farmers and the power of individuals to create wealth. 4. A list of 10 questions about macroeconomic concepts like GDP, innovation, and whether hurricanes increase GDP.

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Lecture 3 Macroeconomics
Opening Prayer
Quiz 1. How many values are in every trade? 2.Where is the iPhone made? 3.Why is English so valuable? Two: The buyer has a value and the seller has a value. The planet Earth Most of the world's knowledge is stored in English
Macro Micro
U.S. Farmers 1800 - 90 percent
U.S. Farmers 1900 - 45 percent Gasoline engines replaced horses
U.S. Farmers 2012 - 2 percent
What happened to those 88 people?
Get wealthy by making others happy
Every person has the power to create wealth
Because every person has the power to make someone happy
Learning English Access to the world’s knowledge
Scriptures Economics Spirit
10 Questions 1. What is GDP? 2. What is GDP per Capita? 3. What is the Average GDP per capita on earth? 4. What is the GDP per capita in your country? 5. What is innovation? 6. Are all inventors also entrepreneurs? 7. What are the capitals of innovation? 8. What is the source of wealth? 9. What is the Magic Machine of economics? 10. Will a hurricane increase GDP?
Magic Machine
Trade is a Magic Machine
Inventor Entrepreneur
What if Steve Jobs had been born in Syria like his father?
What is wealth? Anything we value
What is capital? Anything that can create value
What is the most important cultural capital? Trust
Production
Innovation
Continuous Innovation
1978 China Changed Worldview Deng Xiaoping Mao Zedong 1976 Dies
Who ever has a lower Opportunity Cost has the Comparative Advantage
Price Ceilings and Floors
$0 $2 $4 $6 $8 $10 $12 $14 $16 $18 $20 2 4 6 8 10 12 14 16 18 20 Supply Demand
Worldview True Good Beautiful
Worldview Political Legal Economic

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