Chapter 1
Econ. I’m taking a course that has theEcon. I’m taking a course that has thehh
ighest ighest
failure rate at college.failure rate at college.
Uncle Sam wants you toUncle Sam wants you todo better in economics.do better in economics.
What is Economics? What is Economics?
Economizing ProblemEconomizing Problem
Dealing with
“ “
ScarcityScarcity
” ”
TT
hehe
HH
otot
MM
ajor ajor
FF
or or
UU
ndergradsndergrads
II
ss
EE
conomicsconomics
WSJ – 2005WSJ – 2005
•Universities awarded
16,141 economics16,141 economics
degrees last year at 272 colleges & universities which is
up 40% in five yearsup 40% in five years
.•There has been a
clear explosion of economics as a major clear explosion of economics as a major
,particularly at the top colleges.•At
New York UniversityNew York University
,
the
econ major has doubled inecon major has doubled in10 years10 years
. At
800800
, it is now the most popular major. Economics is also the
number one major number one major
atat
Harvard (964Harvard (964
studentsstudents
)),,Columbia (up 67Columbia (up 67
%%
inin
55
yr yr
..
))
,
StanfordStanford
,
PennPenn
,
PrincetonPrinceton
,
Chicago (24% of graduating class)Chicago (24% of graduating class)
, and 2
nd
at
BrownBrown
,
Yale Yale
, and
University of California at BerkeleyUniversity of California at Berkeley
.•The increase in the numbers is the result of many
students seeingstudents seeingeconomics as the best vehicle promising good pay and securityeconomics as the best vehicle promising good pay and security
.•Students realize that understanding economics has become a
fundamentalfundamentalnecessity of lifenecessity of life
. Economics rising popularity is even
globalglobal
. Econ majorsin
Poland have doubledPoland have doubled
in 6 years. In
RussiaRussia
, econ majors have jumpedfrom 18% of students to
31%31%
. Also, the chairman of the economicsdepartment at
London School of EconomicsLondon School of Economics
says econ’s popularity is atan
all time highall time high
.
““
Econ, EconEcon, Econ
,,I want to major I want to major in Econ.”in Econ.”
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Unit One Intro Powerpoint. Know it!
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