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  • 1. ECO 202Macroeconomics
  • 2. Gale L. Pooley,Ph.D., MAI, MRICS, CCIM, SRAgpooley@alfaisal.edu
  • 3. How did this happen?
  • 4. Prince Alwaleed bin Talal al Saud Bill Gates
  • 5. ScarcityChoices
  • 6. Make Better Choices Choices
  • 7. Syllabus
  • 8. Time Commitment Class 3 Hours Homework 6 Hours Total 9 Hours
  • 9. and student ID number
  • 10. GradesChatsChatsChatsChats
  • 11. Think like anEconomistEconomist
  • 12. Words NumbersIllustrationsIllustrations
  • 13. Economist’s Dictionary
  • 14. Get the most out of life out of life
  • 15. RationalIncentives Margin Margin
  • 16. OptimizeTradeoffsTradeoffs
  • 17. Tradeoffs Mileage SafetyA 2001 National Academy of Sciences study estimated that the trafficdeath toll attributable to past downsizing was approximately 2,000 livesper year.
  • 18. Economic ModelsSimplified Version of Reality Value in Prediction
  • 19. Incentives Matter Change Incentives Change Behavior
  • 20. Incentives aremore important than goals than goals than goals
  • 21. Consequencesmatter more than intentionsmatter more than intentions
  • 22. UnintendedConsequences
  • 23. Macro Micro
  • 24. Science Hard Soft
  • 25. Most peopleMost of the timeMost of the time Economics is aMost of the time Soft Science
  • 26. What is Wealth?What People Want
  • 27. by makingothers happy
  • 28. Global Device
  • 29. ARM Holdings Wolfson Marvel Skyworks U.S. CSR Linear Technologies U.K. NXPNational Semiconductor Germany Sharp Korea Samsung Toshiba Japan Infineon Broadcom Taiwan Numonyx Micron China Dialog Semiconductor Texas Instruments STMicroelectronics Silicon Storage RF Microdevices Cirrus Logic
  • 30. Ideasoccur in minds not places
  • 31. Hockey StickTrends
  • 32. $100Income PerPerson Angus Maddison Per Day $3 1 2012 AD
  • 33. $100 Northern Europe North AmericaIncome 33x PerPerson Angus Maddison Per Day $30 “The Millennium–Poor Until 1820” World 10x $3 1 1820 2012 AD
  • 34. Percentage Change Relationships Cause and Effect Areas Areas Areas Areas
  • 35. PPrice Y X Quantity Q
  • 36. GDPGross Domestic ProductGrossmarket value of all The Domestic Productfinal goods and servicesproduced in a country in a given time
  • 37. GDP Per CapitaGross Domestic Product GDP Per PersonGrossAverage GDP Domestic Product
  • 38. Market Value What something would sell for
  • 39. Market Value One Apple plus One Orange = Three Riyals
  • 40. AllEverything except...Stuff you don’t sell
  • 41. FinalIntermediate Final
  • 42. IntermediateFinal
  • 43. Goods and Services
  • 44. Goods Services
  • 45. Produced New StuffDoes not include the sale of used goods
  • 46. Within aCountry
  • 47. Onlyproductionwithin Saudi Arabia
  • 48. In a givenperiod of time Year Y/Y Quarter Q/QAnnualized: Q x 4
  • 49. Percentage Change Changenew number - old number old number
  • 50. This Year - Last Year Last= 75This Year YearLast Year = 60Percentage Change?
  • 51. 75 - 60 60 15 60.25 or 25%
  • 52. How do you calculate GDP? GDP?
  • 53. GDP =C = ConsumptionI = InvestmentG = GovernmentX = ExportsM = Imports
  • 54. GDP =C + I + G + (X - M)
  • 55. Consumption Spending by households ongoods and services,except new housing
  • 56. Investment Spending on capitalequipment, inventories, and structures, including new housing
  • 57. Government Spending on goods and services from local, state, andfederal governments.
  • 58. Net Exports Exports minus imports
  • 59. Net Exports Foreigners buying exports minus domestic residentsbuying foreign goods
  • 60. What is GDP?C = 105I = 40G = 25E = 30I = 20
  • 61. What is GDP?C = 105I = 40G = 25E = 30I = 20
  • 62. GDP= C + I + G + (X - M)= 105 + 40 + 25 +(30-20)= 105 + 40 + 25 +10= 180
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