Welcome to Macroeconomics

Professor Steve Cocca

Introduction: The Big Picture

Macroeconomics: The Economy as a whole (Society)
Microeconomics: Households and Firms make decisions
Directions
Objective 1: Analyze
Macroeconomics is about Society and the Economy as a whole.
Essential Question: Why did Population increase so dramatically?
Population Chart.
1. Analyze the World Population chart.
2. Make a hypothesis on why population increased dramatically.
a. Think about events, inventions, new systems, and economic or political changes. Objective 2 & 3: Test your
3. Make additional hypothesis to test your original hypothesis. hypothesis. Cause and
4. It’s very important to understand cause and effect relationships in economics. Effect Relationship
a. Based on your hypothesis, be more specific as you detail your cause.
b. What do you believe was the Cause? (be specific)

Hypothesis: Event Cause (more specific) Effect

Of Population Increasing
Example: Medicine Invention of Antibiotics Increased Life Expectancy
Increased Total Population

1 Bucks County Community College, Macroeconomics, Professor Steve Cocca

 Hypothesis: Event Cause (more specific) Effect
Of Population Increasing

2 Bucks County Community College, Macroeconomics, Professor Steve Cocca

 Directions
Many students struggle with Economics, why?

 You need a good understanding of Cause and Effect relationships.

 You need to compare and contrast.
 Ability to analyze data & interpret graphs – understanding Cause-Effect and Compare-Contrast.
1. (Below) Compare the population chart and dates with important areas of progress.

Macro: Understanding Society

Important area 10,0000 8000 6000 4000 2000 0 1000 2000

for progress

Agriculture Hunter
and
Gather

Transportation Walking

Military Spears

Power Small
groups,
chief,
consensus

Knowledge Speech

Communication

3 Bucks County Community College, Macroeconomics, Professor Steve Cocca

Important area 10,0000 8000 6000 4000 2000 0 1000 2000
for progress

Agriculture Hunter
and
Gather

Transportation Walking

Military Spears

Power Small
groups,
chief,
consensus

Knowledge Speech

Communication

4 Bucks County Community College, Macroeconomics, Professor Steve Cocca

 Economic Resources
1. Natural Resources:

2. Physical Capital:

3. Human Capital:

4. Technological Resources:

5. Other Resources: Labor, Time, Effort, Quality, etc.

Important Inventions of Resource Utilization

Important Economic Concepts

Productivity:

Efficiency:

Standard of Living:

Systems: Economics:

5 Bucks County Community College, Macroeconomics, Professor Steve Cocca

 Printing Press Activity
Directions:

 3 Groups.

 Each group will be given a sheet of paper.

Hearing Sight Printing Press

Quantity

Productivity

% Productivity

Quality of Knowledge
Transfer

1. Understand Cause and Effect Relationships - Analyze data and how to interpret graphs.
2. Undertand and apply core economic concepts.

Work Smarter not Harder – Increase your “Quality” of Life

6 Bucks County Community College, Macroeconomics, Professor Steve Cocca

 How has power typically been distrubted throughout history?
Directions
1. Your Thoughts on how power has historically been distributed:
2. Class Discussion:

3. Fill in the Graphic (Hierarchy) Organizer.

How does Power play a role? Traditional Economic/Political System

Why is this a bad power

structure?

Objective 5 and 6: Create a theory

that explains the essential?
Understand Societies trade-offs
with Capitalism.

Power Population

Positives of Hierarchy System Negatives of Hiearchy System

7 Bucks County Community College, Macroeconomics, Professor Steve Cocca

 1776
Directions
2 Important events happened in 1776, what where they and why important.
1. Event
a. Why Important?
2. Event
a. Why Important?

A new form of Government Politics (1776)

Directions
1. From the lecture, fill in the below information.
2. Like most everything, there are trade-offs with
each ideology or economic system. Fill them in.
A new form of Economics (1776)

Objective: Understand the

origins, concept, and trade-offs
of Socialism and Capitalism.

Name Book Idea - Concept Positives Negatives

8 Bucks County Community College, Macroeconomics, Professor Steve Cocca

 New Systems
Political System: Democracy
Declaration of Independence and Constitution
Freedom, Opportunity, Equality
Democracy: Elections
Directions
1. Fill in the 3 forms of government in the US on the
Venn Diagram.
2. How did this new form of government change
society?

Economic System: Free Market

Capitalism - Free Market

Supply and Demand

Invisible Hand
Directions
1. Complete the Supply and Demand Graph.
2. How did this change society?

9 Bucks County Community College, Macroeconomics, Professor Steve Cocca

 Societies Trade-offs of a Free-Market
Directions
1. Fill in the table with positives and negatives effects of a free market.
2. Complete the Graphic Organizer.

Positives Negatives

American Inequality

Objective 9:
Compare and
Contrast trade-offs
of Equality and
Inequality.

Directions: Answer

Should the government play a role in

regards to inequality? If so what role?

Wealth Social Classes

% of Population

10 Bucks County Community College, Macroeconomics, Professor Steve Cocca

 Chapter 1: The 10 Principles of Economics

Directions: Answer

1. What is Blooms Taxonomy?

2. Complete the Graphic Organizer.

3. Why is it a hierarchy and why is the top smaller?

Chapter 1
The 10 Principles of
Economics

Bloom’s Taxonomy Maslow’s Hierarchy of Needs

Critical Thinking - Knowledge Social

11 Bucks County Community College, Macroeconomics, Professor Steve Cocca

 Keys to Success
Check List
 1 inch Binder. Dividers for each chapter – Chapter 1, 2, 3, 4, etc.
o Free worksheets and able to use on the test if you have.
 Update Profile in Canvas, Post Intro Discussion, Take Syllabus Quiz.
 Textbook. Principles of Macroeconomics, Mankiw 6th or 7th editions.
o Buy used copies on Amazon or somewhere else $10-$30.
 Pencil
o Pen is ok if you never make a mistake If you make mistakes
points are deducted on the test for pen scribbles, cross outs,
etc. 
 Ruler and Calculator (your phone is ok)
Getting an A
 Attend every class – easy points
 Read the textbook and complete incentive points
o Incentive Points increase your total points and reduce your risk
on doing poorly on a test.
 Take quality notes and complete worksheets.
o You can use your notes and worksheets on the test
Schedule
February 5th – Chapter 1 Assessment (multiple Choice, Worksheet)
February 19th – Chapter 2 and 3 Assessment (MC and Wrk Sheet)
March 4th – Chapter 4 Assessment
March 11th – Midterm (cumulative Chapters 1 – 4)
March 14th Spring Break – Awesome!!

12 Bucks County Community College, Macroeconomics, Professor Steve Cocca