Principles of Macroeconomics Instructor Bernard Malamud Professor of Economics – –Website:

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Presentation transcript:

Principles of Macroeconomics Instructor Bernard Malamud Professor of Economics – –Website: –Office: BEH 502 –Phone:

Macro Objectives Talk’n’ Economics –Vocabulary: GDP, Inflation, Debt, Supply, Demand…and much, much more Economic Facts –Descriptions of the US and world economies Economic Models –Simplifying a complex reality Economic Policy Analysis –Laissez – faire vs. activism The Economic Way of Thinking

Macro Concerns Jobs Growth Price Stability Government Budget Balance of Payments Exchange Value of Dollar

Macro Pictures: Jobs

Macro Pictures: Unemployment

Macro Pictures: Growth

Macro Pictures: Prices

Macro Pictures: Budget Deficit

Macro Pictures: Payments Deficit

Macro Pictures: Exchange Rate

Micro Foundations: A Brief Review Production Possibilities Frontier Quantity of Computers Produced Quantity of Cars Produced A 0 B Feasible but Inefficient C D Production Possibilities Frontier  Efficient Points

Supply Demand Price of Ice-Cream Cone Quantity of Ice-Cream Cones Micro Foundations: A Brief Review Supply and Demand $ Equilibrium