Welcome to Principles of Microeconomics Summer 2013

1

Welcome to Principles of MicroeconomicsSummer 2013

2

Name that Economist

3

This guy’s important.

This guy’s a pretty good investor.

Economics Gets People to Places – Some Past Economics Majors

Business leaders:Warren Buffett - CEO, Berkshire HathawayDonald Trump – Real estate/TV mogulSam Walton – Founder, Wal-MartMeg Whitman – CEO, EbaySteve Ballmer – CEO, Microsoft

Heads of state:George H. W. Bush – US presidentGerald Ford – US presidentRonald Reagan – US presidentStephen Harper – Prime minister, CanadaManmohan Singh – Prime minister, India

Public officials: Sandra Day O’Connor – Supreme Court justiceArnold Schwarzenegger – Governor/PhilandererBarbara Boxer – US SenatorBen Bernanke – Chairman, the US Federal ReserveKofi Annan – UN secretary General

Entertainers, athletes, and others:Cate Blanchett – ActressMick Jagger – SingerYoung MC – SingerLionel Richie - SingerBernie Kosar – NFL quarterbackTiger Woods – Golfer/PhilandererMuhammad Yunus – Nobel Peace Prize winner

6

The prettiest (future) economist…

And another one on the way

7

Why should you finish your degree?

9

Your major also matters.• If you want a really high paying job you should

major in….

• …engineering.

• If you want a high paying job in business or social sciences you should major in….

• http://chronicle.com/article/Median-Earnings-by-Major-and/127604/

• If you want a really high paying job you should major in….

• …engineering.

• If you want a high paying job in business or social sciences you should major in…

• If you want a really high paying job you should major in….

• …engineering.

• If you want a high paying job in business or social sciences you should major in….

Put another way - ROI?

• 2006 Study by Barrow and Rouse:

• “Lifetime incomes of college grads in today's dollars average nearly $300,000 more than high school graduates over a 40-year career. And that's the net benefit, after deducting an average cost of more than $100,000 in tuition, room and board and potential income lost while attending college.”

10

What about YSU?

• (http://www.businessweek.com/interactive_reports/bs_collegeROI_0621.html -15)

• What about starting salary?

• http://collegerealitycheck.com/colleges/206695/ 11

12

For you specifically

• http://www.businessweek.com/interactive_reports/bs_collegeROI_0621.html -15

• What about starting salary?

• http://collegerealitycheck.com/colleges/206695

13

Why you should come to class, economically speaking.

• For in-state student this class costs $935.

• Each class session costs approximately $78 on average.

• For a YSU graduate, the estimated gross returns are between $4.00 - $5.60 for every $1.00 spent on education!

• Using this measure, on average, each class is worth between $312 - $437 in additional gross lifetime income ($234 – 359 on net)!

14

Scarlett Marie Wants You…

• …to do well in this class!

15

Keys to success:1. Come to class and pay attention

Attendance and Grade Distribution Last Semester

ATTENDANCEGRADE Number A B C D F

Average Class Grade

0-1 6 0 0 0 1 5 41

2 8 0 0 1 4 3 55

3 15 1 2 4 5 3 62

4 26 3 6 8 7 2 67

5 39 12 8 13 5 3 79

16

2. Read – and use - the book

• More of this

• Less of this

17

3. Review the material outside of class.

4. Put effort into assignments and prepare for quizzes.

5. Do the study guide practice problems that are posted on the class website.

6. Come see me in my office, even if it’s not my office hours.

7. Use the Center for Student Progress. They have a tutor available. 330-941-7253

8. Stop watching any show on Bravo. It’s bad for you.