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Principles of Macroeconomics Unit 1
Transcript of Principles of Macroeconomics Unit 1
Which economic system do you prefer?
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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
Eco = House
Nomics = Law
The laws (management) of the Household
What economic decisions do we make to increase our wealth?
The nation's unemployment rate
The federal budget
Gasoline price changes
Cost, revenue and profits
Supply and demand
Macro vs Microeconomics
The Circular Flow
How do we make decisions?
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
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
Hong Kong: $50,700
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
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
Source: CIA World Factbook 2013