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Economics 101:

Economics 101:. What is it all about?. Making a Living. Job Market Supply & demand for workers Gross vs. Net Pay Lifetime Earnings Dropout - $18,900/year High School - $25,000/year ($1.2 Million) Bachelor’s - $45,000/year ($2.1 Million) Master’s – $2.5 Million

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Economics 101:

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  1. Economics 101: What is it all about?

  2. Making a Living • Job Market • Supply & demand for workers • Gross vs. Net Pay • Lifetime Earnings • Dropout - $18,900/year • High School - $25,000/year ($1.2 Million) • Bachelor’s - $45,000/year ($2.1 Million) • Master’s – $2.5 Million • Professional - $99,000/year ($4.4 Million)

  3. Going on Vacation • Typical 7-Day Walt Disney World vacation (4 ppl): • Airfare + Hotel (Disney) = $1050/person • Park Hopper Pass + Water Park Option = $1286 (Total) • Food = $150/day • Total = $6300

  4. Health Care • Employee or government provided? • i.e. Cost of having a baby (Avg. in So Cal): • Natural delivery w/ hospital stay (3 Days): $30,000 • Prenatal appointments: $5,000 • Pediatrician visit (1st Year): $1,000 • TOTAL = $36,000

  5. Your “Dream” Home • 4 Bedrooms • 2.5 Bathrooms • 2 Floors • 2575 Square Ft. • $229,000 (in Tennessee)

  6. Your “Dream” Home (Cont’d) • 2 Bedrooms • 1 Bathroom • 900 Square Ft. • $400,000 (in California)

  7. The Cost of College • Cost of Attending a U.C: • Tuition: $8,374 • Room and Board: $13,848 (Double room w/ 2 meals per day) • Books: $1,240 • Personal: $1,266 (Clothes, entertainment, etc.) • Transportation: $566 (No car – visiting home during breaks) • Total: $25,308

  8. Monthly Car Payment • The economy affects interest rates • Interest rates affect your overall monthly car payment • Can determine what you can afford

  9. Immigration • California Proposition 187 (1994): • Illegal? = NO PUBLIC SERVICES! • Farming and labor industry • Tax burden? • $2.2 Trillion paid by taxpayers • $22,449 per person (per year) • American household’s lifetime tax burden: $1.1 Million

  10. Lottery • Desperation • Government Revenue (“Tax on Stupidity”) • Did you know? • A lottery ticket is only worth 1/3 of its purchase price. • After federal taxes, you only win 1/3 of the total prize money. • Odds of winning: If you buy one ticket per week, you would have to play for 269,000 years (quarter-of-a-million years) to win the jackpot once.

  11. Ticket Scalping • Pure supply & demand • UFC Fight - $5000 for a $250 ticket (tickets.com) • Laker season tickets (courtside) - $39,000 (stubhub.com) • Oscar de la Hoya vs. Floyd Mayweather - $49,000 for $500 (eBay)

  12. School Supplies & Materials • Lack of government funding • Administrative choices • Fish tank vs. books

  13. The Cost of Living • The expense of living the California Dream • Comparable living • Priorities of people… What’s most important?

  14. Wal-Mart • Jobs • 1.5 million employees • Sales Tax • How often do you go? • 138 million customers per week

  15. The Basics of Economics • Choices • Decision making • Efficient use of resources • Making the world a better place • Improving the quality of life

  16. The Never-Ending Struggle • Unlimited Wants vs. Limited Resources • Greed and human nature • Decision Making • Budgeting, choices, benefit vs. cost • Opportunity Cost • The trade-offs

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