Reading Assignments for Exam #1

Chapter 1 - Limits, Alternatives, and Choices (1 PE), (1TR)

Chapter 2 - The Market System and the Circular Flow (2PE), (2TR)

Chapter 5 - Market Failures: Public Goods and Externalities (13 PE) (18)

Chapter 16 - Public Finance: Expenditures and Taxes (30PE) (15 TR)

Chapter 24- GDP Analysis - (pages 485 - 492) (19 PE)(21 TR)

Chapter 25 - Economic Growth. (20 PE), (TR 23)

Chapter 1 - Limits, Alternatives, and Choices

Important Concepts

Opportunity Cost
Trade - off
Economic Capital
Investment
Production Possibilities Curve
Resources
Law of Diminishing Returns (Law of Increasing Opportunity Costs)
Positive Economic Statements
Normative Economic Statements
unemployment
underemployment

economics

Four Fundamental Economic Problems

OPEC
NAFTA (1994 - 2018)

USMCA (United States - Mexico - Canada Agreement)
EU
WTO

tariff
trade deficit
trade surplus
balanced trade

Measuring Trade Balances - Measuring Trade Balances - https://opentextbc.ca/principlesofeconomics/chapter/23-1-measuring-trade-balances/

Technology and Capital Goods
Specialization

proprietorships

partnerships

corporations

durable goods

non-durble goods

services

private goods

public good
positive external benefits (positive externalities)
negative external costs (negataive externalities)

free rider

exclusion principle

Treasury Bills, Notes, Bonds
progressive tax
proportional tax
regressive tax
discretionary spending
non-discretionary spending (entitlement spending)

Tax expenditures

budget deficit
national debt

budget surplus
balanced budget

Gross Domestic Product (GDP)

Gross Domestic Income (GDI)

inflation

Flashcards of Terms put together by J.C Zhang - Fall 2017 Econ 1 now attending UC Berkeley - Haas School of Business) - https://quizlet.com/226943770/jack-wegman-terms-for-exam-1-flash-cards/

Videos -

Economics and Online Dating

What Is Economics?

Positive and Normative Economics

Production Possibilities Curves - Khan Academy - https://www.khanacademy.org/economics-finance-domain/microeconomics/choices-opp-cost-tutorial/production-possibilities/v/production-possibilities-frontier

Production Possibilities Curves - ACDC - https://www.youtube.com/watch?v=O6XL__2CDPU

Law of Increasing Opportunity Costs - Jason Welker The Law of Increasing Opportunity Cost and the PPC Model

Production Possibilities Curves

Do Corporations Have A Social Responsibility? - http://jsmith.cis.byuh.edu/books/business-ethics/s17-03-should-corporations-have-socia.html

How to Calculate Opportunity Costs -How to calculate opportunity costs

The Law of Increasing Opportunity Cost and the PPC Model

PPC and Scarcity - Production possibilities frontier | Microeconomics | Khan Academy

Links:

Lane Community College - http://media.lanecc.edu/users/martinezp/Notes/ppf.htm

PPC and Increasing Opportunity Costs -

Robert Gordon - Northwestern University - The Death of Innovation and the End of US Economic Growth - https://www.google.com/?gws_rd=ssl#q=robert+gordon+ted+talk+youtube

Declining Fertility Rates - Bloomberg - https://www.marketwatch.com/story/do-we-need-to-worry-about-declining-fertility-rates-2018-01-23

Death and Despair in White America - Death and Despair in White America - https://soundcloud.com/bloomberg-business/death-and-despair-in-white-america (Links to an external site.)

Nobel Prize Committee Statement for Romer/Nordhaus - https://old.nobelprize.org/eco-popular.pdf?_ga=2.187239279.6746184.1538983620-661508209.1538983620 (Links to an external site.)Links to an external site.

Nobel Prize Committee Statement for Romer/Nordhaus - https://old.nobelprize.org/eco-popular.pdf?_ga=2.187239279.6746184.1538983620-661508209.1538983620

Why Paul Romer and William Nordhaus Won the 2018 Nobel Prize in Economics - https://www.marketwatch.com/story/why-paul-romer-and-william-nordhaus-won-the-2018-nobel-prize-for-economics-2018-10-08

World's Largest Economies in 2050 - https://www.pwc.com/gx/en/issues/economy/the-world-in-2050.html

US Productivity - BLS - https://www.bls.gov/opub/btn/volume-3/what-can-labor-productivity-tell-us-about-the-us-economy.htm

Do Corporations Have A Social Responsibility? - Arguments For and Against - http://jsmith.cis.byuh.edu/books/business-ethics/s17-03-should-corporations-have-socia.htm

Real World Data:

US Real GDP Growth 1990 - 2016 - http://www.statista.com/statistics/188165/annual-gdp-growth-of-the-united-states-since-1990/

US Manufacturing Employment, Production, 1943- 2000 - http://tropicsofmeta.com/2014/08/18/13-great-books-on-the-post-industrial-society/

US Manufacturing Output as a % of GDP - Brookings Institution - https://www.brookings.edu/research/u-s-manufacturing-understanding-its-past-and-its-potential-future/

US Manufacturing Employment - 1990 - 2018 - Federal Reserve Bank of St. Louis - https://fred.stlouisfed.org/series/MANEMP

Practice Tests:

Iowa State University - http://econ2.econ.iastate.edu/classes/econ101/monchuk/Practice%20Exam%20%231.pdf

University of Dayton- http://academic.udayton.edu/PMIC/MC%20Questions/Chap%202%20mc.pdf

McGraw - Hill Chapter 1 quiz - http://highered.mheducation.com/sites/0077337727/student_view0/chapter1/quiz.html

Chapter 2 - The Market System and the Circular Flow

Important Concepts
Technology and Capital Goods
Specialization
Four Fundamental Questions
proprietorships

partnerships

corporations

durable goods

non-durble goods

services

Circular Flow of the Economy - video

Practice Test:
McGraw - Hill Publishing - http://highered.mheducation.com/sites/0077337727/student_view0/chapter2/quiz.html

Chapter 5 - Market Failures: Public Goods and Externalities

Important Concepts

private goods

public good
positive external benefits (positive externalities)
negative external costs (negataive externalities)

free rider

exclusion principle

Carbon Tax - PBS New Hour - http://www.pbs.org/newshour/bb/can-a-tax-help-cut-down-greenhouse-gas-pollution/

Nobel Prize Committee Statement for Romer/Nordhaus - https://old.nobelprize.org/eco-popular.pdf?_ga=2.187239279.6746184.1538983620-661508209.1538983620

Why Paul Romer and William Nordhaus Won the 2018 Nobel Prize in Economics - https://www.marketwatch.com/story/why-paul-romer-and-william-nordhaus-won-the-2018-nobel-prize-for-economics-2018-10-08

James Tobin and William Nordhaus - Is Growth Obsolete? (1972)- http://www.nber.org/chapters/c7620.pdf (Links to an external site.)

PBS - costs and benefits of global warming - http://www.pbs.org/newshour/bb/how-the-benefits-of-climate-action-may-outweigh-the-costs/ (Links to an external site.)

Index of Sustainable Economic Welfare - Measure of Economic Well-Being and Measures of Sustainable Economic Welfaire -http://www.economicsonline.co.uk/Global_economics/Measure_of_economic_welfare_MEW.html (Links to an external site.)

Index of Sustainable Economic Welfare/ Genuine Progress Indicator -http://web.pdx.edu/~kub/publicfiles/MeasuringWellBeing/Talberth_2006_GPI.pdf (Links to an external site.)

The Index of Sustainable Economic Welfare (ISEW), later revised and renamed
the Genuine Progress Indicator (GPI), is a measure that uses GDP as a foundation. It was first proposed in 1989 by Herman Daly and John Cobb in their book
For the Common Good as “a way of measuring the economy that will give better guidance than the GNP to those interested in promoting economic welfare”.

Genuine Savings - http://www.brettonwoodsproject.org/topic/environment/gensavings.pdf (Links to an external site.)
Genuine Savings (GS) was developed for the World Bank (World Bank
1997) and is defined as “the true level of saving in a country after depreciation
of produced capital; investments in human capital (as measured by
education expenditures); depletion of minerals, energy, and forests; and
damages from local and global air pollutants are taken into account” .

Ecological Footprint - http://www.footprintnetwork.org/en/index.php/GFN/page/calculators/ (Links to an external site.)
The Ecological Footprint (EF) was developed by Mathis Wackernagel and William Rees as a way to account for flows of energy and matter into and out of the human economy and convert those flows into a measure of the area of productive land and water required to support those flows (Wackernagel and Rees 1996). The EF is intended to be used as a resource management tool for assessing whether and to what extent an individual, city, or
nation is using available ecological assets faster than the supporting ecosystems can regenerate those assets.

Human Development Index - http://hdr.undp.org/en/statistics/ (Links to an external site.)
Since 1990, the United Nations Development Program has used the Human Development Index (HDI) in its annual Human Development Report. The purpose of the report is to show how well the management of economic growth and human development is actually improving human well-being in the nations of the world. The inaugural report defines human
development as the “process of enlarging people’s choices...to live a long
and healthy life, to be educated, have access to resources needed for a decent standard of living,...[to have] political freedom, guaranteed human rights
and personal self-respect.” However, the authors acknowledge the difficulty of quantifying the last three components, and the index focuses on “longevity,
knowledge and decent living standards” as proxies for people’s ability to live long and prosperous lives (UN Development Program 1990).

The Living Planet Index (LPI) - http://www.zsl.org/science/research-projects/indicators-assessments/index (Links to an external site.),134,ZI.html
is a measure of the world’s forests,freshwater and marine ecosystems, specifically on the “extent and severity of
biodiversity loss” (Hails 2006).

Happy Planet Index - http://www.happyplanetindex.org/ (Links to an external site.)
The purpose of the Happy Planet Index (HPI), developed and published by the New Economics Foundation (NEF), is to measure a country’s ecological efficiency in delivering human well-being. The index is a composite of three
measures: life expectancy at birth, life satisfaction, and ecological footprint.

Robert Kennedy - University of Kansas -https://www.youtube.com/watch?v=z7-G3PC_868 (Links to an external site.)
(begin minute 16:10)

OECD Better-Life Index - http://www.oecdbetterlifeindex.org/ (Links to an external site.)

World Bank - Population Growth and Fertility Rates -http://www.worldbank.org/depweb/english/beyond/beyondco/beg_03.pdf (Links to an external site.)

Economics/Environment Discussion - NPR - http://www.npr.org/templates/player/mediaPlayer.html?action=1& (Links to an external site.)
t=1&islist=false&id=120536304&m=120545562

Freakanomics - How effective is California's Energy Efficient Housing Requirements -
http://freakonomics.com/2015/02/05/how-efficient-is-energy-efficiency-a-new-freakonomics-radio-podcast/ (Links to an external site.)

PBS - carbon tax - http://www.pbs.org/newshour/bb/can-a-tax-help-cut-down-gree

OECD Total Fertility Rates - http://www.oecd.org/std/37962718.pdf (Links to an external site.)

What Do Economists Think About Environmental Issues?

Fracking - University of Chicago Panel - http://www.igmchicago.org/igm-economic-experts-panel/poll-results?SurveyID=SV_5vcCcMoJ0gFccOV

Carbon Taxes - University of Chicago Panel - http://www.igmchicago.org/igm-economic-experts-panel/poll-results?SurveyID=SV_8oABK2TolkGluV7

Ethanol - University of Chicago Panel - http://www.igmchicago.org/igm-economic-experts-panel/poll-results?SurveyID=SV_cN5nYc2pLVCJdMp

Fracking (part I) - University of Chicago Panel - http://www.igmchicago.org/igm-economic-experts-panel/poll-results?SurveyID=SV_6nAG1W7VnEmpJ5O

Carbon Taxes - University of Chicago Panel - http://www.igmchicago.org/igm-economic-experts-panel/poll-results?SurveyID=SV_9Rezb430SESUA4Y

PBS - costs and benefits of global warming - http://www.pbs.org/newshour/bb/how-the-benefits-of-climate-action-may-outweigh-the-costs/ (Links to an external site.)

Index of Sustainable Economic Welfare - Measure of Economic Well-Being and Measures of

Sustainable Economic Welfaire -http://www.economicsonline.co.uk/Global_economics/Measure_of_economic_welfare_MEW.html (Links to an external site.)

Chapter 16 - Public Finance: Expenditures and Taxes

Important Concepts

Treasury Bills, Notes, Bonds
progressive tax
proportional tax
regressive tax
discretionary spending
non-discretionary spending (entitlement spending)

Tax expenditures

budget deficit
national debt

budget surplus
balanced budget

OECD Tax Rates as a Percentage of GDP - https://www.taxpolicycenter.org/briefing-book/how-do-us-taxes-compare-internationally

OECD Corporate Profit Tax Rates - https://stats.oecd.org/index.aspx?DataSetCode=Table_II1

US Historical Tax Brackets - https://www.taxpolicycenter.org/statistics/historical-highest-marginal-income-tax-rates

Actual Effective Corporate Profits Tax Rates - http://www.marketwatch.com/story/these-companies-may-enjoy-a-windfall-under-trumps-tax-plan-2017-09-29

United States Government Agencies

The United States Constitution - http://www.usconstitution.net/const.html

Federal Financial Literacy and Eduction Commission - http://www.mymoney.gov

United States Treasury Department - http://www.ustreas.gov/

Internal Revenue Service - http://www.irs.gov/

Bureau of Labor Statistics - http://www.bls.gov/

Bureau of Economic Analysis - http://www.bea.gov

Department of Education - Education Levels of US Labor Force - http://nces.ed.gov/programs/digest/d07/tables_1.asp#Ch1Sub3

Bureau of Labor Statistics - Consumer Price Index - http://www.bls.gov/cpi/cpifaq.htm

Bureau of Labor Statistics - Consumer Price Index and Why Your Salary May Be Affected By the Price of Lettuce - NPR - http://www.npr.org/templates/story/story.php?storyId=131251848&sc=emaf

Bureau of Labor Statistics - Producer Price Index - http://www.bls.gov/PPI/

Bureau of Labor Statistics - How Are Unemployment Rates Calculated - http://www.bls.gov/cps/cps_htgm.htm

Bureau of Labor Statistics - Alternative Measures of Unemployment - http://www.bls.gov/news.release/empsit.t15.htm

Bureau of Labor Statistics - Business Survey - http://www.bls.gov/ces/

Bureau of Labor Statistics - 2013 - Characteristics of Minimum Wage Workers - http://www.bls.gov/cps/minwage2013.pdf

Khan Academy - youtube - How Is the Unemployment Calculated-
Khan Academy: How to Calculate the Unemployment Rate

US Government Deficits and Debt

Elsa Fornero - Italian Labor Minister -

discussing cuts in pensions - Italian Welfare Minister Elsa Fornero breaks down in tears during austerity measures announcement

Case-Schiller Home Price Index- https://www.google.com/search?q=case-shiller+housing+price+index&source=lnms&tbm=isch&sa=X&ved=

U S Treasury Bond Auction -

NPR - http://www.npr.org/2012/03/13/148499304/treasury-raises-32-billion-in-bond-auction

Balance the Federal Budget - http://www.federalbudgetchallenge.org

Concord Coalition - Budget Data - http://www.concordcoalition.org/issue-page/national-debt?gclid

Federal Government Budget Process - https://www.nationalpriorities.org/budget-basics/federal-budget-101/federal-budget-process/

Discretionary - Entitlement Categories - https://www.nationalpriorities.org/budget-basics/federal-budget-101/spending/

Discretionary vs Non-Discretionary Spending - http://en.wikipedia.org/wiki/United_States_budget

Who Owns US Treasury Securities - http://www.ustreas.gov/tic/mfh.txt

National Debt to the Penny - http://www.treasurydirect.gov/NP/BPDLogin?application=np

National Debt and Budget Deficits - http://www.federalbudget.com/

PolitiFact- Discretionary vs Non-Discretionary Spending -

http://www.politifact.com/truth-o-meter/statements/2015/aug/17/facebook-posts/pie-chart-federal-spending-circulating-internet-mi/

The War Resisters League - http://www.warresisters.org/pages/piechart.htm

National Defense Spending as a % of GDP - NATO countries - 2013 - https://www.google.com/search?q=national+defense+spendign+as+a+%25+of+gdp+-+oecd+countries&nfpr=1&biw=1309&bih=705&source=lnms&tbm=isch&sa=X&ved=0ahUKEwi2huTW96zLAhVE72MKHcSiCwcQ_AUIBygC#nfpr=1&tbm=isch&q=national+defense+spending+as+a+%25+of+gdp+-+oecd+countries&imgrc=EXrO_tRsA6sJQM%3A

Budget Cuts http://www.wimp.com/budgetcuts/

Ignore that this has to do specifically with President Obama and focus more on discretionary and non-discretionary spending

National Defense Spending - https://www.weforum.org/agenda/2017/03/the-us-spends-more-on-defence-than-all-of-these-countries-combined/

National Defense Spending - Forbes - https://www.forbes.com/sites/niallmccarthy/2017/04/24/the-top-15-countries-for-military-expenditure-in-2016-infographic/#41e77b0743f3

Foreign Aid - Which Countries Are the Most Generous? - https://www.weforum.org/agenda/2016/08/foreign-aid-these-countries-are-the-most-generous/

State of California Budget Data:

State of California Budget -

http://www.ebudget.ca.gov/2016-17/pdf/BudgetSummary/SummaryCharts.pdf

State of California Budget - http://www.ebudget.ca.gov/FullBudgetSummary.pdf

Chapter 24- GDP Analysis - (pages 485 - 492)

Image result for gdp

Read Chapter 24 - Measuring Domestic Output (only pages 485 - 492)

Important Concepts

GDP Calculations - the income approach (pg 492)
GDP Calculations - the expenditure approach (pg 488 - 491)
Value - added

take a look at what GDP does NOT count (pg 487)
take a look at the shortcomings of GDP (Pg 499 - 50

GDP
GDI

What Is GDP - What is GDP? | CNBC Explains

What is GDP

What Is GDP?

What is Gross Domestic Product (GDP)?

Read Chapter 25 - Economic Growth Image result for economic growth

Important Concepts

Determinants of Growth Pg 512 - 513
Changes in technology and capital
Education and training - Look at the charts on pg 516 - 517 (college degrees and average test scores around the world!!)
Is Growth Desirable - pg 521 - 523

Okun's Law (Arthur Okun)

Practice Test:

McGraw - Hill Publishers - http://highered.mheducation.com/sites/0073375691/student_view0/chapter25/quiz.html

GDP Growth and Unemployment Rates -

Unemployment Rates and Inflation Rates - The Phillips Curve

Unemployment-and-GDP.png (633Ã346)

Linear Regressions

positive correlation
negative correlation
R
Rsquared

What is a Quant? - https://www.youtube.com/watch?v=bCAnTbTU8M3

Understanding Linear Regressions: http://onlinestatbook.com/2/regression/intro.html

Trend lines for Arctic Ice - http://finance.yahoo.com/news/arctic-sea-ice-problem-actually-145300349.html

Khan Academy Videos on Linear Regressions (these are great!!) - https://www.khanacademy.org/math/probability/regression/regression-correlation/v/regression-line-example

Coefficients of Correlation and Determination - http://en.wikipedia.org/wiki/Correlation_and_dependence

PBS - Healthcare Spending Comparison US - OECD - http://www.pbs.org/newshour/rundown/health-costs-how-the-us-compares-with-other-countries/

Linear Regressions and the Use of Data - podcast - http://www.econtalk.org/archives/_featuring/ian_ayres/

Coefficients of Correlation and Determination Explained - http://mathbits.com/MathBits/TISection/Statistics2/correlation.htm

Real World Data and Economic Growth:

Nobel Prize Committee Statement for Romer/Nordhaus - https://old.nobelprize.org/eco-popular.pdf?_ga=2.187239279.6746184.1538983620-661508209.1538983620

Why Paul Romer and William Nordhaus Won the 2018 Nobel Prize in Economics - https://www.marketwatch.com/story/why-paul-romer-and-william-nordhaus-won-the-2018-nobel-prize-for-economics-2018-10-08

Robert Gordon - Northwestern University - The Death of Innovation and the End of US Economic Growth - https://www.google.com/?gws_rd=ssl#q=robert+gordon+ted+talk+youtube

The End of Economic Growth - Robert Gordon - https://www.brookings.edu/wp-content/uploads/2016/07/tt20-united-states-economic-growth-gordon.pdf

Decline In Feertility Rates - Bloomberg - https://www.marketwatch.com/story/do-we-need-to-worry-about-declining-fertility-rates-2018-01-23

US Productivity - BLS - https://www.bls.gov/opub/btn/volume-3/what-can-labor-productivity-tell-us-about-the-us-economy.htm

Largest Economies in 2050 - https://www.pwc.com/gx/en/issues/economy/the-world-in-2050.html

US Manufacturing Employment, Production, 1943- 2000 - http://tropicsofmeta.com/2014/08/18/13-great-books-on-the-post-industrial-society/

US Real GDP Growth 1990 - 2016 - http://www.statista.com/statistics/188165/annual-gdp-growth-of-the-united-states-since-1990/

US Manufacturing Employment - Brookings Institute - https://www.brookings.edu/research/u-s-manufacturing-understanding-its-past-and-its-potential-future/

Definitions of Terms

Flashcards of Terms put together by J.C Zhang - Fall 2017 Econ 1 now attending UC Berkeley - Haas School of Business) - https://quizlet.com/226943770/jack-wegman-terms-for-exam-1-flash-cards/

The Economics of Happiness

The Economics of Happiness - Commencement Speech by Ben Bernanke - University of South Carolina - May 8, 2010 -http://www.federalreserve.gov/newsevents/speech/bernanke20100508a.htm (Links to an external site.)

Does Denmark Live Up to Its Reputation As the Happiest Nation On Earth? http://video.kqed.org/video/2365716327/

2015 Happiness Report - http://worldhappiness.report/ (Links to an external site.)

The World Happiness Report - http://www.fastcoexist.com/1679633/the-world-happiness-report-explains-what-makes-people-happy (Links to an external site.)

World Happiness Report - New York Times - http://www.nytimes.com/2016/03/17/world/europe/denmark-world-happiness-report.html?_r=1

Justin Wolfers and Betsy Stevenson Discuss Income and Happiness -http://www.econtalk.org/archives/2013/06/stevenson_and_w.html (Links to an external site.)

The OECD Better Life Index - http://www.oecdbetterlifeindex.org/ (Links to an external site.)

Italian Finance Minister - http://www.telegraph.co.uk/news/worldnews/europe/italy/8934974/Italian-welfare-minister-in-tears-over-austerity-measures.html (Links to an external site.)

OECD Total Fertility Rates - http://www.oecd.org/std/37962718.pdf (Links to an external site.)

WHAT DO ECONOMISTS THINK?

IGM - University of Chicago Panel - Immigration - http://www.igmchicago.org/surveys/science-technology-and-immigration

IGM - University of Chicago Panel - China's Growth Model - http://www.igmchicago.org/surveys/chinas-growth

IGM - University of Chicago Panel - Tax Incentives - http://www.igmchicago.org/surveys/local-tax-incentives

IGM - University of Chicago Panel - Repatriated Profits - http://www.igmchicago.org/surveys/repatriated-profits

IGM - University of Chicago Panel - Infrastructure Spending - http://www.igmchicago.org/surveys/infrastructure-revisited

IGM - University of Chicago Panel - Fracking - http://www.igmchicago.org/surveys/fracking-revisited

IGM - University of Chicago Panel - Robots and Jobs - http://www.igmchicago.org/surveys/robots

IGM - University of Chicago Panel - Innovation and Growth - http://www.igmchicago.org/surveys/innovation-and-growth

IGM - University of Chicago Panel - Low Skilled Immigrants - http://www.igmchicago.org/surveys/low-skilled-immigrants

IGM - University of Chicago Panel - Infrastructure (again) - http://www.igmchicago.org/surveys/infrastructure

IGM - University of Chicago Panel - High Skilled Immigrants - http://www.igmchicago.org/surveys/high-skilled-immigrants

IGM - University of Chicago Panel - Manufacturing - http://www.igmchicago.org/surveys/manufacturing

IGM - University of Chicago Panel - Presidents and Jobs - http://www.igmchicago.org/surveys/2532

IGM - University of Chicago Panel - Taxing Capital and Labor - http://www.igmchicago.org/surveys/taxing-capital-and-labor

IGM - University of Chicago Panel - Laffer Curve - http://www.igmchicago.org/surveys/laffer-curve

IGM - University of Chicago Panel - Fracking - http://www.igmchicago.org/surveys/fracking

IGM - University of Chicago Panel - French Labor Policies - http://www.igmchicago.org/igm-economic-experts-panel/page/12