Why Are Some Countries Rich and Others Poor?
Reading: Frank/Bernanke Chapter 7
Why Are Some Countries Rich and Others Poor? A countrys standard of living depends on its ability to produce goods and services
Rich countries are . Po
Measuring and Classifying Unemployment
Why Do You Care?
Prof. Robert Hall did research in the early 1980s. He found that
Average U.S. Male held 11 jobs over lifetime Average U.S. Female held jobs over lifetime
Among professional / white collar
Government Debt, Deficits and Surpluses
Readings: Bernanke End of Chapter 13
Quick Demonstration to show how the size of the US Debt has grown
Need a few volunteers
US Debt when country was formed in 1790 was around $75 million. Adj
Fighting Recessions and Depressions Using Economic Stimulus Programs
This lecture 2 Big Questions
Currently the USA and other major world economies are going through tough economic times. President Obama has just signed an economic stimulus plan.
Banks and the Federal Reserve
Readings: Frank/Bernanke Book Chapter 10 Money, Prices and the Federal Reserve
What is a Central Bank? A bank for banks. U.S. Central Bank is called the Federal Reserve. Other countries
Two Quick Question
How many of you view money as one of the three most important things in your life? Close your eyes and answer the following question
What Is Money?
Money is anything a group of people believe is valuable. Money is any set