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Lecture_1 - Lecture 1 Principles of Macroeconomics Econ 2...

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Lecture 1 Principles of Macroeconomics Econ 2 Winter, 2009
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Relevant Info: Me Professor Rupert • 3044 North Hall Office Hours: • None (Don’t come by) Phone: • None (Don’t call me) Email • None (Don’t email me)
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Just Kidding Professor Rupert 3044 North Hall Office Hours: Tuesday, 1:00-2:00; Wednesday, 2:30-3:30 Phone: 893-3902 Email: [email protected]
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Relevant Info: Class All Course Information GauchoSpace Student Response System Iclicker Homework McGraw-Hill Connect Connect
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Why Study Economics? 1. Better understanding of the world Why are some countries so rich and others so poor? An Inquiry into the Nature and Causes of the Wealth of Nations , Adam Smith, 1776.
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Why Study Economics? Most commonly used measure of economic well-being: Real, per capita Gross Domestic Product (GDP) Real: quantities Per capita: per person GDP: stuff we produce
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Real GDP per capita
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Real GDP per capita: Europe
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Real GDP per capita: Africa
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Why Study Economics? 2. Learn how to think about data • What does 2% inflation mean? • What does an increase in productivity measure? • What should the unemployment rate be? • Should you save or consume more today?
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Why Study Ecnomics? We will see lots of data in class Need to KNOW some numbers: For example, U.S. Population Year: 1790: » A) 1,000,000 » B) 4,000,000 » C) 10,000,000 » D) 20,000,000
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Data Need to KNOW some numbers: U.S. Population Year 2007: A) 100,000,000 B) 200,000,000 C) 300,000,000 D) 400,000,000
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Data Answers: U.S. Population 1790: B) 4,000,000 2007: C) 300,000,000 Note: population growth rate, 2007: 1.00 %
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