Introduction: why study economics?

Lecture 1Introduction: preliminaries and why study economics?Djavad Salehi-IsfahaniVirginia Tech1/21/15Salehi-Isfahani Econ 200511Salehi-IsfahaniPreliminariesScholarApliaiClickerSyllabusComputers in class1/21/15Salehi-Isfahani Econ 20052iClicker questionAll responses today are anonymous, not gradedType of device:A. RemoteB. iClicker GO

1/21/15Salehi-Isfahani Econ 20053iClicker questionWhat grade do you expect in this class (anonymous response)?ABCDF!

1/21/15Salehi-Isfahani Econ 20054How to succeed in this classBe curiousAttend classTake notesDo homeworkRead text1/21/15Salehi-Isfahani Econ 20055Depends how you define success. 5Salehi-IsfahaniiClicker questionYour classA. FreshmanB. SophomoreC. JuniorD. Senior1/21/15Salehi-Isfahani Econ 20056Why study economicsCool subject, combines important questions with rigorous analysisSatisfy your curiosity about how the world worksBe an informed citizen, understand and participate in public policy debates1/21/15Salehi-Isfahani Econ 20057Policy analysis, large and smallState of the Union speechWhy are some countries poor, others rich?Should everyone go to college?Will the oil price remain low?Duty free scam

1/21/15Salehi-Isfahani Econ 20058State of the Union speechThe President called on Congress to make community college free, enhance tax credits for education and child care, and impose new taxes and fees on high-income earners and large financial institutions.Iclicker: Did you watch the speech?A. YesB. No1/21/15Salehi-Isfahani Econ 20059

Rickshaw drivers in Delhi earn about $3000 per year, NYC cab drivers around $60,000.1/21/15Salehi-Isfahani Econ 200510What explains the income gap?iClicker:A. EducationB. National income per capita C. Quality of the vehicleD. Price of petrol1/21/15Salehi-Isfahani Econ 200511