1 Welcome to Principles of Microeconomics Summer 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 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

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…. 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? 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? ( _reports/bs_collegeROI_0621.html -15 ) _reports/bs_collegeROI_0621.html What about starting salary? / 11

12 For you specifically rts/bs_collegeROI_0621.html -15http:// rts/bs_collegeROI_0621.html What about starting salary?

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 $ $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 ATTENDANCE GRADENumberABCDF Average Class Grade

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