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Welcome to Principles of MacroeconomicsSummer 2012

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The First Economist

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You’ll need to know about this guy...

and this guy…

and a little about this guy.

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What do employers look for in potential employees?

• Skills Most Sought After by Employers:• 1) Communications Skills (listening, verbal, written). The

ability to listen, write, and speak effectively. Successful communication is critical in business.

• 2) Analytical/Research Skills. Deals with your ability to assess a situation, seek multiple perspectives, gather more information if necessary, and identify key issues that need to be addressed.

• 3) Computer/Technical Literacy. Almost all jobs require some use of computer hardware and software, especially word processing, spreadsheets, and email.

Jobs Outlook/Things to Consider

• http://www.pbs.org/newshour/bb/business/jan-june12/jobs_05-04.html - 5:00

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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….• http://chronicle.com/article/Median-Earnings-b

y-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….

Why you should come to class, returns to a college degree:

• 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.”

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Why you should come to class, economically speaking.

• For in-state student this class costs $931.• Each class session costs approximately $52

on average.• For a YSU graduate, the estimated gross

returns are $5.60 for every $1.00 spent on education! (http://www.businessweek.com/interactive_reports/bs_collegeROI_0621.html -15)

• Using this measure, on average, each class is worth $291 in additional lifetime income!

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Scarlett Marie Wants You…

• …to do well in this class!

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Keys to success:1. Come to class and pay attention

Attendance and Grade Distribution Last Semester

ATTENDANCEGRADE Number A B C D F

Average Class Grade

0-1 6 0 0 0 1 5 41

2 8 0 0 1 4 3 55

3 15 1 2 4 5 3 62

4 26 3 6 8 7 2 67

5 39 12 8 13 5 3 79

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2. Read – and use - the book

• More of this

• Less of this

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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. Use the tutors at the Center for Student

Progress.7. Come see me in my office, even if it’s not

my office hours.8. Stop watching Real Housewives of

anywhere. It’s bad for you.

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Keys to success…

• Opportunity costs:• The value of what’s given up!• There’s an opportunity cost to everything…• … even texting.• Proof:• http://www.youtube.com/watch?

v=IGQmdoK_ZfY

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Microeconomics

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Macroeconomics