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Introductory Macroeconomics Fall 2013

Introductory Macroeconomics Fall 2013. Dr David Penn Associate Professor of Economics and Director of the Business and Economic Research Center. Goals. We will learn about: How markets work The structure of the macro economy Economic growth The role of money and financial institutions

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Introductory Macroeconomics Fall 2013

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  1. Introductory MacroeconomicsFall 2013 Dr David Penn Associate Professor of Economics and Director of the Business and Economic Research Center

  2. Goals • We will learn about: • How markets work • The structure of the macro economy • Economic growth • The role of money and financial institutions • Why we have periods of high unemployment • Economic policy • International trade and capital flows

  3. Tools • Macroeconomics by Krugman and Wells • Desire to Learn • Syllabus • Class notes • Articles and material • Online quizzes (www.saplinglearning.com) • http://vimeo.com/72453315 • Exams • Assignments • Current events

  4. Evaluation

  5. Keys to success • Attend class • Keep up with reading • Keep up with materials on D2L • Keep up with Sapling quizzes • Ask questions • See me if you are befuddled (as soon as possible)

  6. Why am I here? Note: Data are for persons age 25 and over. Earnings are for full-time wage and salary workers.

  7. Long-term costs and benefits • Cost: • Tuition, room, food: $60,800 (no scholarships, in-state) • Benefits: • $414 more weekly pay compared with high school diploma ($21,500 more pay per year)

  8. Long-term costs and benefits • Net benefits (40 year working life) • $470,224 over and above average earnings with a high school diploma, after paying college expenses (four years) • Very high rate of return • Assumes annual benefits = $21,500 * 2/3 • Source: me

  9. College degree • An investment in the future • Requires short-term sacrifice (and some long-term sacrifice) • College grads are better able to • Grasp the big picture • Deal with problems analytically • Deal with problems creatively • Communicate • Become involved citizens • Pay taxes

  10. College degree • You are in the right place at the right time!

  11. To do • Sign up for Sapling Learning (www.saplinglearning.com) • Work through the Sapling quiz demo (Using the tools in Sapling Learning) by 5:00 Thursday • Read Chapter 1 by Wednesday • Take quiz 1 in Sapling by 5:00 Friday • Read Chapter 2 by Friday class

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