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Principles of Macroeconomics Unit 1

This prezi contains the main concepts discussed in the Principles of Macroeconomics online text at www.inflateyourmind.com
by

John Bouman

on 8 June 2012

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Transcript of Principles of Macroeconomics Unit 1

E
C
F
Resources
Which economic system do you prefer?
0 / 30
0
22 of 30
Critical Thinking

Question the source.
Question the assumptions.
Question how the variables are defined.
Question the validity of the statement.
Question the statistics
A more practical definition
Economics
Eco = House
Nomics = Law
The laws (management) of the Household
What economic decisions do we make to increase our wealth?
Inflation
The nation's unemployment rate
The federal budget
Monetary policy
Gasoline price changes
Income inequality
Anti-trust regulations
Cost, revenue and profits
Supply and demand
Critical thinking
Macro vs Microeconomics
Households
Businesses
Government
$$$
Products
$$$
Foreign Countries
$$$ (taxes)
$$$ (taxes)
Exports
Imports
The Circular Flow
Marginal
Benefit

Marginal
Cost

How do we make decisions?
Economic Systems
1.
Pure capitalist
2.
Mostly capitalist
3.
Socialist
4.
Very socialist
5.
Communist
Which grading system do you prefer?
1. Our current system (pure capitalist)
2. A little bit of grade distribution (8% from the As and 5% from the Bs)
3. Considerable grade distribution (15% from the As and 10% from the Bs)
4. Almost equal distribution
5. All grades are equal
Guns
Roses
100
100
200
200
300
300
400
400
600
500
500
600
700
Point U
Point M
Point F
Cross-Tab Label
0
Guns
Roses
100
100
200
200
300
300
400
400
600
500
500
600
700
Point M
Point F
Economic growth
How much can we produce with our resources?
World per capita GDP: $12,700
United States: $49,800
South Korea: $32,400
North Korea: $1,800
China: $9,100
Hong Kong: $50,700
Qatar: $102,800
Countries that have mostly free markets have higher per capita GDP.
Important Definitions and Concepts
Fallacy of cause and effect
Fallacy of composition
Positive and normative statements
Nominal
and real
values
Consider all groups and evaluate the short run and the long run
Think like an economist (a good one)
Let's test our critical thinking skills
Macro
Micro
Both
Russia: $17,700
Source: CIA World Factbook 2013
Full transcript