Chapter 1: The Science of Macroeconomics
Macroeconomics is the study of economy as a whole.
Discuss Figure 1-1 on page 5
Real GDP measures the total income of everyone in the country.
Real GDP per person measures the income of average person in
Correct nominal variables for the
effects of inflation
Causes of inflation
Costs of inflation
Why deflation is bad
Overall price level is rising
Inflation makes dollar figures from different times
What a price index is and how to
create a price index
Alternative measures of the price
How to calculate inflation rate
from a price index
Measuring Overall Price Level
Macro focuses on aggregate price level in the
Huachen Wang Problem set 2
Economics is growth recently, but the growth rate is reduce
Effective Federal Funds
Q1: Select Companyname
On Suppliers.SupplierID= Products.SupplierID
Group by Companyname
The company named Exotic Liquids
Case 1 Adelphia
Stakeholders involved in this case
In Adelphia case, all the stakeholders who involved in are the following:
First, of course, the owners, who in this case are the Riga family.
Second, the public stockholders and investors who are not the
BUS 101 Foundations of Business Decision Making
Tuesdays and Thursdays
Sections A 8:30-9:50
Section B 10:00-11:20
Section E 11:30-12:50
Section F 1:00-2:20
Laura A. Powell
Campus Office: FSB 3098
Campus Phone: (513) 529-0975
Who am I?
I am Huachen Wang, or Jack, as my English name. I come from China, and now I am
studying in Miami University, which is really far away from my hometown. I am 19, and
now I am in my junior year. My major is economics b
Business and society
Business: any organization that is engaged in making a product or providing a service for a profit.
Society: human beings and to the social structures they collectively create. In a more specific
sense, the term is used t
In American law, managers are considered fiduciary of the owners of the firm (its stockholders)
and have an obligation to run the business in their interest.
Chapter 3 social responsibility CSR
Chapter 4 Ethics and Ethical Reasoning
Chapter 5 O
At first, Patty Morrison used her own experience in different big companies to tell
us why she chose contributing in health industry. She worked in different industries, like
P&G, JP Mo
How is GDP related to a nations
total income and spending
How is GDP defined and computed
The difference between real GDP
and nominal GDP
The limitations of GDP
Measuring the Macro Economy
Fun facts about the U.S. economy
Chapter 2: The Data of Macroeconomics
Any macroeconomic research begins with looking at real data.
Then economists try to find a model to explain the observed
facts, and make forecasts if needed.
We use gross domestic product (GDP) to measure the value of
Chapter 3: National Income (Long-Run Neoclassical Theory)
The economy uses inputs (or factors) of labor (L) and capital (K)
to produce the output or GDP (Y). The wage and rent are
denoted by W and R, respectively.
We want to answer two questions
Q1: How t
Chapter 4: Money and Inflation (Long-Run Theory of
The overall increase in prices is called inflation
A price is the rate at which money is exchanged for a good or a
service. In reality, the general price level is measured by either
CPI or GDP
Chapter 5: Open Economy (A Long Run Model for Small
Because it is a long run model, we can apply classical
dichotomy. That is, we first determine real variables (such as net
export and real exchange rate), then we determine nomin
Chapter 6: Unemployment (A Long Run Model)
Unemployment rate moves up and down. In this chapter we
focus on the average rate of unemployment around which the
economy fluctuates. The average unemployment rate is called
natural rate of unemployment (NROU).
Chapter 7: Economic Growth without Technological
Progress (A Very Long Run Model)
In this chapter we understand what causes the differences in the
growth in income over time and across countries.
Solow Growth Model
The Solow model shows how saving, popula
Chapter 9: Introduction to Economic Fluctuations (A short
Figure 9-1 shows that on average the real GDP of US grows
about 3 percent per year. However, the growth (and employment)
is not smooth. Growth is higher in some years than in others.
Chapter 10: IS-LM Model (a Short Run Aggregate Demand
The IS-LM model is the leading interpretation of Keyness
theory. The model shows what determines national income for a
given (fixed) price level. It considers simultaneously the
Ty Elliotts speech
Ty Elliotts delivered a speech this Tuesday and I learned a lot from it. The theme of Ms.
Elliotts speech is network and the Boomerang. She talked about how to build network,
how to get into others network by someone know you specifical