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Macro 4
This document discusses macroeconomics and covers topics such as gross domestic product (GDP), GDP per capita, market value, consumption, investment, government spending, exports and imports. It provides examples of how to calculate GDP and shows GDP statistics for the total global GDP as well as the GDP of the United States and China on a per capita and per day basis. The document also discusses how technological advancements have dramatically reduced the amount of time needed to produce the same amount of light over history.
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Macro 4
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- 4. Quiz 1.What is themagic machine we all own? 2.Who has the comparative advantage ? 3. How do you clear a shortage or surplus? Trade. The person with the lower opportunity cos t Let price be free to increase or decrease
- 5. Economics The study ofhow human beings solve each another’s problems
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- 14. 2000 BC 1000BC 0 1000 AD 2000 AD Light Inde x 2000BC =1 0 250,000 500,000 750,000 1,000,000 1,250,000 1,500,000
- 15. Year Technology LaborPrice (1,000 lumen hours) Open Fire 58 hours 1750 B.C. Oil Lamp 41.5 hours 1830 Tallow Candle 3 hours 1883 Carbon Filament Lamp 45 minutes 1920 Tungsten Filament Lamp 49 seconds 1992 Compact Fluorescent .43 seconds 2010 Light-Emitting Diode .16 seconds
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- 18. GD P Gross Domestic Product Themarket value of all final goods and services produced in a country in a given time
- 19. GDP How much stuffa country makes
- 20. GDP per Capita GDP perPerso n Average GDP
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- 23. MarketValue One Apple plu s OneOrang e = Three Dollars
- 24. All Everything except... Stuff youdon’t sell
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- 29. Produced New Stuf f Does notinclude the sale of used goods
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- 31. In a givenperiod of time Year Y/ Y Quarter Q/ Q Annualized: Q x 4
- 32. Percentag e Change new number -old numbe r old number
- 33. ThisYear - LastYea r LastYear ThisYear= 7 5 LastYear = 6 0 Percentage Change?
- 34. 75 - 6 0 60 15 60 .25or 25%
- 35. How do you calculate GDP?
- 36. GDP = C =Consumptio n I = Investmen t G = Governmen t X = Export s M = Import s
- 37. GDP = C +I + G + (X - M)
- 38. Consumption Spending by households on goodsand services, except new housing
- 39. Investment Spending on capital equipment,inventories, and structures, including new housing
- 40. Government Spending on goods andservices from local, state, and federal governments.
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- 42. Net Exports Foreigners buying exportsminus domestic residents buying foreign goods
- 43. What is GDP? C= 10 5 I = 4 0 G = 2 5 X = 3 0 M = 2 0
- 44. GDP = C +I + G + (X - M ) = 105 + 40 + 25 +(30-20 ) = 105 + 40 + 25 +1 0 = 18 0
- 45. GDP $85 trillion Population7.8 billion GDP Per Capita $10,897 GDP Per Day $30
- 46. GDP $21 trillion Population330 million GDP Per Capita $63,636 United States Per Day $174
- 47. GDP $14.7 trillion Population1.4 billion GDP Per Capita $10,500 Per Day $29 China
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