Welcome to Principles of
Macroeconomics
Summer 2014
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Name that Economist
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This guy is formerly very important.
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Now she’s very important....
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We’ll talk about this guy…
and a little about this guy.
This guy’s pretty cool.
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
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
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
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
My girls
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Why should you finish your degree?
What about the impact of the
Great Recession?
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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….
in…
• http://chronicle.com/article/Median-Earningsby-Major-and/127604/
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For you specifically
• What about YSU?
• http://collegerealitycheck.com/en/colleges/com
pare/
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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.”
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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)!
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Scarlett Marie Wants You…
• …to do well in this class!
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Attendance is not required?
Attendance and Grade Distribution
ATTENDANCE
GRADE
N
Students
A
B
C
D
F
0-1
6
0
0
0
1
5
2
8
0
0
1
4
3
3
15
1
2
4
5
3
4
26
3
6
8
7
2
5
39
12
8
13
5
3
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Your First (of many) Graphs
Final Average by Attendance Grade
90
80
70
60
50
40
30
1
2
3
4
5
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The key to Success in this class:
• Practice
Read – and use - the book
• More of this
• Less of this
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-
-
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
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Write down this website
www.people.ysu.edu/~ajsumell
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Microeconomics
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Macroeconomics
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