202 lecture 1
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This document discusses macroeconomic concepts like GDP, GDP per capita, and factors that influence a country's wealth. It provides examples of GDP per capita amounts for different countries like Saudi Arabia ($25,000), India ($1,500), and Bangladesh ($800). The document also discusses how GDP is calculated using the equation GDP = C + I + G + (X - M), where C is consumption, I is investment, G is government spending, X is exports, and M is imports.
202 lecture 1
- 2. Why are all taxi drivers in Riyadh from some place else?
- 3. GDP Per Capita Saudi Arabia $25,000 India $1,500 Pakistan $1,261 Bangladesh $800 16.7 times more 19.8 times more 31.2 times more
- 6. Damman No. 7 March 3,1938 Dhahran Standard Oil Rockefeller World’s most valuable company
- 10. Energy Density MJ/kg 24 44 55 80,620,000
- 13. Why are some countries rich and others poor? Energy?
- 14. Saudi Economics
- 18. Syllabus
- 19. Time Commitment Class 3 Hours Homework 6 Hours Total 9 Hours
- 20. af102.blogspot.com Logon and post your name and student ID number
- 21. Macro Micro
- 23. Most people Most of the time Economics is a Soft Science
- 24. What is Wealth? What People Want
- 25. Get wealthy by making others happy
- 26. Ideas occur in minds not places
- 29. 20121 AD $3 $100 $30 World 10x Northern Europe North America 33x 1820 Angus Maddison “The Millennium–Poor Until 1820” Income Per Person Per Day
- 30. GDP Gross Domestic Product The market value of all final goods and services produced in a country in a given time
- 31. GDP How much stuff a country makes
- 32. GDP Per Capita GDP Per Person Average GDP
- 33. GDP $750 billion Population 30 million GDP Per Capita $25,000
- 36. MarketValue One Apple plus One Orange = Three Riyals
- 37. All Everything except... Stuff you don’t sell
- 41. Goods Services
- 42. Produced New Stuff Does not include the sale of used goods
- 43. Within a Country
- 45. In a given period of time Year Y/Y Quarter Q/Q Annualized: Q x 4
- 46. Percentage Change new number - old number old number
- 47. ThisYear - LastYear LastYear ThisYear = 75 LastYear = 60 Percentage Change?
- 48. 75 - 60 60 15 60 .25 or 25%
- 50. GDP =C = Consumption I = Investment G = Government X = Exports M = Imports
- 51. GDP = C + I + G + (X - M)
- 52. Consumption Spending by households on goods and services, except new housing
- 53. Investment Spending on capital equipment, inventories, and structures, including new housing
- 54. Government Spending on goods and services from local, state, and federal governments.
- 56. Net Exports Foreigners buying exports minus domestic residents buying foreign goods
- 57. What is GDP? C = 105 I = 40 G = 25 X = 30 M = 20
- 58. What is GDP? C = 105 I = 40 G = 25 E = 30 I = 20
- 59. GDP = C + I + G + (X - M) = 105 + 40 + 25 +(30-20) = 105 + 40 + 25 +10 = 180