1 Welcome to Principles of Microeconomics Fall 2014

2 Name that Economist

3 This guy is formerly very important.

4 Now she’s very important....

This guy’s pretty cool.

Economics Gets People to Places – Some Past Economics Majors Business leaders: Warren Buffett - CEO, Berkshire Hathaway Donald Trump – Real estate/TV mogul Sam Walton – Founder, Wal-Mart Meg Whitman – CEO, Ebay Steve Ballmer – CEO, Microsoft Heads of state: George H. W. Bush – US president Gerald Ford – US president Ronald Reagan – US president Stephen Harper – Prime minister, Canada Manmohan Singh – Prime minister, India Public officials: Sandra Day O’Connor – Supreme Court justice Arnold Schwarzenegger – Governor/Philanderer Barbara Boxer – US Senator Ben Bernanke – Chairman, US Federal Reserve Janet Yellen – Chairwoman, US Federal Reserve Kofi Annan – UN secretary General Entertainers, athletes, and others: Cate Blanchett – Actress Mick Jagger – Singer Young MC – Singer Lionel Richie - Singer Bernie Kosar – NFL quarterback Tiger Woods – Golfer/Philanderer Muhammad Yunus – Nobel Peace Prize winner

7 My girls

Why should you finish your degree?

What about the impact of the Great Recession? 9

10 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…. by-Major-and/127604/ 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? 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.” 11

12 Why you should come to class, economically speaking. Tuition and fees is $8087 for an in-state student. For a student taking 5 classes per semester, this class costs $809. There are 29 scheduled classes, so each class costs an average of $ For a college graduate, the estimated gross returns are $4.00 for every $1.00 spent on education. If you graduate, each class would be worth an average of $ in additional gross lifetime income ($83.66 net)!

13 For you specifically What about YSU? pare/

14 Scarlett Marie Wants You… …to do well in this class!

The key to Success in this class: Practice

16 Attendance is not required? Attendance and Grade Distribution ATTENDANCE GRADE N StudentsABCDF

17 Your First (of many) Graphs

Use S.I.

The more you go to SI....

20 Read – and use - the book More of this Less of this

21 -Study. Spend time reviewing the material outside of class. -Put effort into assignments and prepare for quizzes. -Review questions on the quizzes, especially the ones you get wrong. -Do the study guide practice problems that are posted on the class website. -Come see me in my office or me questions. -Use the Grad Student tutors (hours to follow). -Think positive!