1. 1 Welcome to Principles of Microeconomics Spring 2014

2. 2 Name that Economist

3. 3 This guy is formerly very important.

4. 4 Now she’s very important....

5. We’ll talk about this guy…

6. and this guy...

7. And a little about this guy.

8. 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, the 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

9. 9 My girls.

10. Why should you finish your degree?

11. 11 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/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….

12. 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.” 12

13. What about YSU? ( http://www.businessweek.com/interactive _reports/bs_collegeROI_0621.html -15 ) http://www.businessweek.com/interactive _reports/bs_collegeROI_0621.html What about starting salary? http://collegerealitycheck.com/colleges/20 6695/ 13

14. 14 Why you should come to class, economically speaking. For an in-state student taking 5 classes this semester class costs $812.50 (including fees). There are 28 scheduled classes, so each class session costs $29.00 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 $116.07 - $162.40 in additional gross lifetime income ($87.07 – $133.40 net)!

15. 15 Scarlett Marie Wants You… …to do well in this class!

16. 16 Attendance is not required? Attendance and Grade Distribution ATTENDANCE GRADE N StudentsABCDF 0-1600015 2800143 31512453 42636872 5391281353

17. 17 Your First (of many) Graphs

18. The key to Success in this class: Practice

19. Another interesting graph

20. The more you go to SI....

21. 21 Read – and use - the book More of this Less of this

22. 22 -Review the material outside of class. - Put effort into assignments and prepare for quizzes. -Do the study guide practice problems that are posted on the class website. -Come see me in my office, even if it’s not my office hours. -See Josephine Adofo, your Graduate student tutor.

23. 23 Microeconomics

24. 24 Macroeconomics