How to Create Figures for Latex
Credits
This information was shamelessly stolen from Leo Reyzin's more extensive explanations. After looking for a very long time, this is the first solution that works really easily and nicely (I have Acrobat professional so I have no problem with this solution; if you don't have it I suggest buying it - the academic price is very reasonable).
The Solution
This method assumes that you have Adobe Acrobat (not just the Reader, but the actual Acrobat) installed on your machine.
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Convert you PowerPoint slide to .pdf (you can just do "Save As PDF").
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Open the .pdf file in Adobe Acrobat Professional. Delete all the pages but the one that contains your picture (use Document->Delete Pages). Then crop the remaining page so that only the picture is left on it (Document->Crop Pages); use the Margin Controls to do this (lines will appear as you change the values).
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Save the file: select File->Save As, and select "Encapsulated PostScript (.eps)" under the file type, to save the same file as an .eps.
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Insert into your LaTeX document using the \includegraphics command of the graphicx package (be sure to not specify the file extension in the command; that way, it will compile with both latex (using the .eps) and the pdflatex (using the .pdf)).