Introductory Macroeconomics Fall 2013 Dr David Penn Associate Professor of Economics and Director of the Business and Economic Research Center.

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Presentation transcript:

Introductory Macroeconomics Fall 2013 Dr David Penn Associate Professor of Economics and Director of the Business and Economic Research Center

Goals  We will learn about:  How markets work  The structure of the macro economy  Economic growth  The role of money and financial institutions  Why we have periods of high unemployment  Economic policy  International trade and capital flows

Tools  Macroeconomics by Krugman and Wells  Desire to Learn  Syllabus  Class notes  Articles and material  Online quizzes (   Exams  Assignments  Current events

Evaluation

Keys to success  Attend class  Keep up with reading  Keep up with materials on D2L  Keep up with Sapling quizzes  Ask questions  See me if you are befuddled (as soon as possible)

Why am I here? Note: Data are for persons age 25 and over. Earnings are for full-time wage and salary workers.

Long-term costs and benefits  Cost:  Tuition, room, food: $60,800 (no scholarships, in-state)  Benefits:  $414 more weekly pay compared with high school diploma ($21,500 more pay per year)

Long-term costs and benefits  Net benefits (40 year working life)  $470,224 over and above average earnings with a high school diploma, after paying college expenses (four years)  Very high rate of return  Assumes annual benefits = $21,500 * 2/3  Source: me

College degree  An investment in the future  Requires short-term sacrifice (and some long-term sacrifice)  College grads are better able to  Grasp the big picture  Deal with problems analytically  Deal with problems creatively  Communicate  Become involved citizens  Pay taxes

College degree  You are in the right place at the right time!

To do 1. Sign up for Sapling Learning ( 2. Work through the Sapling quiz demo (Using the tools in Sapling Learning) by 5:00 Thursday 3. Read Chapter 1 by Wednesday 4. Take quiz 1 in Sapling by 5:00 Friday 5. Read Chapter 2 by Friday class