Welcome to Principles of Macroeconomics Summer 2014

1. Welcome to Principles of MacroeconomicsSummer 2014

2. Name that Economist

3. This guy is formerly very important.

4. Now she’s very important.... 4

5. We’ll talk about this guy…

6. and a little about this guy.

7. This guy’s pretty cool.

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. My girls

10. Why should you finish your degree?

11. What about the impact of the Great Recession?

12. 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… • 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…. • http://chronicle.com/article/Median-Earnings-by-Major-and/127604/

13. For you specifically What about YSU? http://collegerealitycheck.com/en/colleges/compare/ 13

14. 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.”

15. Why you should come to class, economically speaking. This is class costs an in-state student $1,045 (including fees). There are 17 scheduled classes, so each class session costs an average of $61.47. For a YSU graduate, the estimated gross returns are between $4.00 - $5.60 for every $1.00 spent on education! If you graduate, each class would be worth an average of $245.88 - $344.24 in additional gross lifetime income ($184.41 – $282.77 net)! 15

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

17. Attendance is not required?Attendance and Grade Distribution

18. Your First (of many) Graphs

19. The key to Success in this class: • Practice

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

21. - 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. - E-mail me questions or come see me in my office. - Use the tutors at the Center for Student Progress (Kilcawley Center below the bookstore). Schedule an appointment by calling: 330-941-7253

22. Write down this website www.people.ysu.edu/~ajsumell 22

23. Microeconomics 23

24. Macroeconomics 24