Microeconomics Project

Microeconomics : 

Microeconomics Karen, Tyrel, & Jake

I Wanna Be Rich : 

I Wanna Be Rich Calloway

Slide 3: 

Bill collectors hold 434,000 jobs in US Many work evenings & weekends. Easier to reach people. Their wage rate averages $13.97/hour. The national average wage rate is $19.43/hour. Cash, cold, that's what I need These bill collectors they ring my phone They bother me when I'm not at home Ain't go no time to be fooling ‘round Feet hit the floor, then I get on down, you see

Slide 4: 

I want money lots and lots of money I want the pie in the sky I want money lots and lots of money So don't be asking me why Pie in the sky was coined by Joe Hill in 1911 from a song called the Preacher and the Slave. This song sang of industrial workers known as Wobblies who unite together in believing that the wage system should be abolished.

Slide 5: 

I wanna be rich oh I wanna be rich oh I wanna be rich oh I wanna be rich, full of love, peace and happiness Using less than one months salary of the average U.S. wage you could buy a High Definition Television. Or, you could school an entire generation of children in an Angolan village. Which one of these would be defined as rich?

A.I.G. : 

A.I.G.

Slide 7: 

The demand for lottery tickets is inelastic. Odds of winning the Mega Millions are 1 in 135,145,920. I want my cake wanna eat it too I want the stars and the silver moon I spend my money on lottery My favorite number is 1 2 3, you see The average lottery ticket buyer spends up to $150 per year. Some states are even higher.

Slide 8: 

Calloway wants lots and lots of money, but he competes with 20,000 artists each year. There are 5 major recording labels, making it an oligopoly. Unless Calloway has signed with one of them, his chances of becoming rich are less than his chances of winning the lottery. I want money lots and lots of money I want the pie in the sky I want money lots and lots of money So don't be asking me why

Slide 9: 

I wanna be rich oh I wanna be rich oh I wanna be rich oh I wanna be rich, full of love, peace and happiness Can love, peace, and happiness actually be attained? The idea of Adam Smith's "invisible hand" would make you think it can!

Slide 11: 

I want all the things that lovers do A pocket full of dreams come true Even things you cannot find Want you by my side to keep you satisfied and rich AIG CEO's took $440,000 vacations days after receiving $85 billion dollar bailout from taxpayers. Former AIG CEO Maurice Greenberg dreams came true for 35 yrs until forced into retirement in 2005. At that time, stock sold for $65/share, today it is valued at $1.82/share. Mark Twain said "To be satisfied with what one has; that is wealth."

Slide 13: 

Here is what we're gonna do Say oh I say uh uh Whoooaaa Whoaaaaa Got to be baby I just wanna to be rich I just wanna be, just wanna be Cause baby Calloway seems to have a loss for words as he sings: say oh I say uh uh whooooaaa. Maurice Greenburg was also at a loss for words after he transferred more than 4 million in shares to his wife. With such loss for words, Greenburg pleaded the 5th so he would not incriminate himself!

Slide 14: 

I want money lots and lots of money I want the pie in the sky I want money lots and lots of money So don't be asking me why AIG wanted money too, so they fraudulently inflated their loss reserves by $500 million! Their lawyer stated "There's a whole industry that does that!"

Slide 15: 

I wanna be rich oh I wanna be rich oh I wanna be rich oh I wanna be rich, full of love, peace and happiness "Success is getting what you want, happiness is wanting what you get." Ingrid Bergman

References: : 

References: articles.coneycentral.msn.com www.socialsecurity.gov www.globalrichlist.com www.chicagotribune.com oversight.house.gov www.thinkexist.com www.nytimes.com money.cnn.com www.insurancejournal.com www.pianet.com