1_Course_Introduction

1_Course_Introduction - Welcome to Principles of...

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Welcome to Principles of Macroeconomics Dr. Jay Zagorsky Zagorsky@bu.edu
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The Meaning Micro, Macro and Economics are all words that come from Greek Micro Macro Economics
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Difference Between Economics is divided into two parts; micro and macro. Macro studies market forces beyond the control of any one person, family or company. Micro studies market decisions that are under a person’s, family’s or company’s control.
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Example: You Are Looking For A Job You make Micro decisions Type of job Accept or reject an offer? But Macro factors are key Lots of offers or only a few? Is pay high or low?
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Macro Topics Are News!
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Macroeconomics In this course we will discuss some of the world’s key problems: Who is rich? Who is poor? Why? How many are hungry and homeless? Are there enough resources in the world? How much does it cost to live?
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Who We Are Professor Jay Zagorsky Teaching Fellows Martino Tasso Alexander Draine Julie Shi Alejandro Rivera
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What Is Economics? Economics is primarily about dealing with one problem.
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1 st Discussion Question What would you do with a Billion dollars?
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The 1 st Key Idea Society has scarce resources: The management of society’s resources is important because resources are scarce. Scarcity . . . means that society has limited resources and therefore cannot produce all the goods and services people wish to have. Economics is the study of how society manages its scarce resources
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We Will Study This Semester Past Understand what choices societies have made and the ramifications of those choices. Present Understand the current tradeoffs society is making. Future What policies if enacted would encourage people to make different decisions. My lectures will focus on the USA. Your teaching fellows will talk about a different country in the discussion sessions. You will do a project on a third country.
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Quick Question Write down on a piece of paper the answer to ……………………. Don’t ask your neighbor Don’t look it up on the Internet Don’t put your name Make sure you put down the units (thousands, millions, billions, trillions) Pass the answers to the teaching fellows
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Course Book Zagorsky
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Also, The Wall Street Journal Price $29.95 for 15 weeks or Read in library for FREE Fill in a sheet going around. Sign up online (URL on class website) Free wsj.com only has some of the articles.
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Readings for Rest of This Lecture Zagorsky’s Chapter 1 “Introduction”
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5 Key Ideas Five key ideas in macroeconomics 1)incentives, 2)money, 3)scarcity, 4)interconnections and 5)non-zero sum games
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1_Course_Introduction - Welcome to Principles of...

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