...Econ 1/26/12 Lecture #4 Chapter 11 Mercantilism: A country’s wealth is measured by how much precious metal (gold, silver) it has. Ex: searching for gold Adam smith “Coutnry’s wealth is measured by the amount of goofs and services its citizens have” The best way to have a lot of goods/services is to be able to produce a lot of goods/services The economy Is STUFF IS OUTPUT IS GDP IS GROSS DOMESTIC PRODUCT *GDP (GROSS DOMESTIC PRODUCT)=TOTAL MARKET VALUE OF ALL FINAL GOODS AND SERVICES PRODUCED IN A COUNTRY DURING A GIVEN PERIOD OF TIME.. $15,176,000,000,000.00- THIS is the economy Who measured GDP *Bureau of economic analysis BEA Part of the department of commerce They hire tons of economists and the pay is good Goods and services-mcdonalds burgers starbucks etc, not STOCKS The stock market measures the value of companies, what is apple worth? What is wal mart worth? GDP measures the value of what companies produce and sell… How many cars did ford produce how many lattes did starbucks sell? GDP IS THE ECONOMY AND GDP IS NOT THE STOCK MARKET, The Stock market is NOT GDP… *Purchasing Power Parity- Compares the value of what the money buys Mexico 2 big macs= 48 pesos, in the US two big macs are $6 in the us 48 pesos converts to $4 GDP and GROWTH GDP growing means the economy is growing All countries want GDP to grow Why does GDP growth matter to you? When GDP stops growing unemployment goes up GDP- it is both goods and services ...
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...Section 4 notes When we talk of the firm, we talk about 2 very different parts of the firm, and someone in the middle - who is the owner. There is a whole back office operation, and front office operation. Back office and front office operations have nothing to do with each other. You as a manager take info from both and make decisions. Back office - making the stuff, factory, plant . / operations start from preference (exogenous from the model) = > utility function In firm we start from technology. => we get the production function Q=f(K;L) - back office operation - we get the cost K = f(q); L = f(q) Front office - where we are selling the stuff. = > We start from Demand, which is exogenous to the model. Q = f(P). In the end we get - Total Revenues. Owner is going to decide how much to produce to maximize profits. Isoquant (IQ) = equal quntity along the line. Here the constraint is C = wL + rK - ISO Cost line C = w(f1Q) + r(f2Q) MRTS = -MPL/MPK = w/r Demand function - Q = f(P) / Revenue = P(Q) Marginal Revenue = dR/dQ π = Total Revenue - Total Cost dp/dq = dr/dq - dc/dq (FOC) @ P MAXIMIZING MR - MC = 0 (MR = MC) Back office is the factory plant, making the goods. Their operations start from technology and in the end get the production function Q=f(K;L) and then the marginal cost. Front office is selling whatever is made in the back office. We start from Demand, which is exogenous to the model Q = f(P). In the...
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...A Change in Demand Shifts in Demand • Ceteris paribus is a Latin phrase economists use meaning “all other things held constant.” • A demand curve is accurate only as long as the ceteris paribus assumption is true. • When the ceteris paribus assumption is dropped, movement no longer occurs along the demand curve. Rather, the entire demand curve shifts! 1. Factors other than price can affect a demand for a product over time. 2. These factors can cause a shift in the demand curve. • A shift to the right indicates an increase in demand. • A shift to the left indicates a decrease in demand. • A shift is the movement of the entire demand curve 3. Determinants of demand can cause shifts in demand. • Consumer tastes and preferences • Market size • Income • Prices of related goods • Consumer expectations **Change in any of the determinants can cause a change in the overall demand for a good or a service. Income 1. When income increases, there is a greater demand for goods and services. 2. When income decreases the demand for goods and services decreases. 3. What are normal goods? 4. What are inferior goods? Consumer Expectations Whether or not we expect a good to increase or decrease in price in the future greatly affects our demand for that good today. Population(Market Size) 1. Changes in the size of a market attend to affect demand. 2. What causes the market to expand?...
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...Chapter 1 1. Ideas for beyond the final exam a. How much does it really cost? i. Opportunity Costs 1. Value of the next best alternative that must be given up because of that decision. 2. Economists say that the true cost of such decisions are not the number of dollars spend on the computer, new equipment, or military, but rather the VALUE OF WHAT MUST BE GIVEN UP TO ACQUIRE THEM. 3. EXAMPLE- cost of college is more expensive add the money you could be making with a job at home, don’t add housing since you pay that either way (tuition + possible income if you weren’t working) b. Attempts to Repeal the Laws of Supply and Demand- The Market Strikes Back ii. Short Supply-Prices Rise iii. Large Quantity-Prices Fall 4. Ceiling on Price or Price Floors a. Such attempts to repeal the laws of supply and demand usually backfire and cause more problems c. Comparative Advantage iv. Even if one of them is more efficient at everything, both countries can gain by producing the things they do best COMPARATIVELY v. Even if you are better at something than someone else, the time you could be spending on what you specialize in is losing money. Do what you do best and hire someone to do the rest. d. Trade is a Win-Win Situation vi. Fundamental Idea- Both parties must expect to gain something! vii. Some things like ticket scalping...
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...Chapter 2 Circular-Flow Diagram- a visual model of the economy that shows how dollars flow through markets among households and firms Production Possibilities Frontier- a graph that shows the combinations of output that the economy can possible produce given the available factors of production and the available production technology Microeconomics- the study of how households and firms make decisions and how they interact in markets Macroeconomics- the study of economy-wide phenomena, including inflation, unemployment, and economic growth Positive Statements- claims that attempt to describe the world as it is Normative Statements- claims that attempt to prescribe how the world should be The Economist As Scientist Economists view subject with objectivity devise theories, collect data, analyze data use scientific method The Scientific Method: Observation, Theory, And More Observation interplay between theory and observation experiments difficult in economics: have to look to history allows us to examine present and predict future The Role Of Assumptions economists make assumptions to make the world easier to understand two countries, two goods applying correct assumption to right data different assumptions for short0run and long-run effects of a change in the quantity of money Economic Models models not often real but are accurate and helpful economists use diagrams and equations omit details to show what’s truly important models are built with assumptions ...
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...Those notes can only be sequenced so many times before they are repeated by a new musician and called “original”. Intellectual property has been protected in the courts systems, but has favored personal interest over creativity and borrowing. In the case of Weber vs. Repp for example, Repp was claiming to be the owner of the copied Catholic folk music stolen to create music by Weber. With help from a lawyer, it is proven that Weber wrote a song previous to the music and songs by Repp. It was demonstrated that Weber wrote a song, Repp wrote another song sounding similar, and then Weber wrote the song in question. This showing that Weber borrowed from himself and Repp borrowed from him. The musical notes played in the same sequence were copied by both composers and therefore the courts dismissed the case, musical notes are not owned by any one composer. It does not matter what you copy but how much you choose to take. The idea behind Gladwell’s argument is that borrowing some to be creative is and needs to be acceptable in the eyes of “plagiarism...
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...to harmonize, considering it was our first year learning an instrument. There was no reading or writing when it came to playing the instruments, but with music, a story can be made. For example, half the class would play our recorders in sync with one another, and other students in the class would play percussion. With the rhythm of the music combined, the feel and sound of the music gives the audience a feel of a different environment, such as feeling as though you are taking a journey through an Indian village, or celebrating the first fourth of July in America. As I progressed through the year, music classes turned into singing as well. In order to know the words that we were singing, we had paperback music, which had music lines, notes, and words for us to...
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...through the paper. Halfway through the paper, I saw my friend John suspiciously looking at the class. My instincts told me that something was wrong. As a result, I began to keep an eye on John. Suddenly, I saw John taking notes out from his pencil case! My mouth hung wide open and I gasped in shock. How could John do that! I thought should I report him? The devil in my mind said that I should not care about this thing after all, he is still my best friend while the angel said that I should be honest and report him. After thinking for a while, I decided to report him. I raised my hand and told the teacher “ Mr Tan, John is cheating by using notes from his pencil case.” The teacher nodded his head and walked towards John’s table. Mr Tan said “John! Why are you cheating?” John shook his head to deny that he did not cheat. Mr Tan confiscated his pencil case and dumped the contents out. Out came pencils, erasers and pens. But there was no notes inside! John let out a smirk from his mouth. I was shocked! I thought that there was a note? Just when I thought all hope was lost, Mr Tan found another zip at the pencil case and he opened it. Suddenly, John’s smirk began to vanish. Waves of panic overwhelmed him. The hidden note was found there! Mr Tan looked at John sternly. He brought John to the principal’s office to explain what had happened. On the next day, the fiery-tempered Discipline Master caned John during assembly period. After this incident...
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...Improving Your Note Taking ▪ Effective note taking is one of the keys to succeeding in school. Students should devote a considerable amount of time reviewing information discussed during classroom lectures. It is very difficult remembering specific details from classroom lectures without good notes. These note taking strategies will help you to take better notes: ▪ Make clear and accurate notes Make sure to take legible and accurate notes since it is not uncommon to forget key details discussed in class after it has ended. Frequently, students comprehend the teacher's lecture, so they'll neglect to jot down specific details only to forget them later. Students who keep accurate notes can review them later to fully grasp key concepts during personal study time. Additionally, since during classroom lectures teachers frequently cover many topics, effective notes enable students to concentrate on specific topics. ▪ Come to class prepared Students properly prepared for class usually take better notes. Proper preparation includes completing assigned reading prior to class and reviewing notes from previous lectures. Students who do this can ask questions about confusing concepts and be prepared for new topics. ▪ Compare your notes To ensure your notes are as accurate and detailed as possible, compare them with the notes of other students after class is over. This is useful because your colleagues will frequently write down lecture details that you...
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...Side Notes: • I came up with a killer Mozart-style arrangement involving several songs by modern artists. But I ran into a roadblock with getting permissions. So I decided to do variations on a theme by making my arrangement an original tune. Helpful Hints: • Learn the hardest parts first with the correct fingering. Instead of using a slower tempo to practice longer sections, try using the actual tempo to practice overlapping shorts sections (as small as 2 notes...hands alone if needed). • For those who have heard the recording or seen the video on • When I practice, it helps me to realize that it takes up to 300 YouTube, Steven Sharp Nelson laid down over 100 tracks, including (perfect) reps before muscle memory kicks-in. cello textures never before known possible. Every single sound on the video was made using only the instruments shown: piano, cello, • I like to imagine totally soft and relaxed hand muscles as I play... think "soft hand" when approaching hard sections. mouth percussion and kick drum. Of course we put in additional cool effects. For example the U2-style delay on Steve's pizz at the • For a two-minute-edit version, start at measure 109 beginning. (two-minute-edit minus track available at jonschmidt.com). • A recording of the orchestration only (minus piano) is available at jonschmidt.com. This is very fun for live performances with a monitor speaker next to you on stage so you can hear the parts well. Michael meets Mozart = 91 chills up copyright...
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...Dean Helton Note-Taking Assignment 1. Why did you choose Cornell, Outline, or Visual Map? I chose the visual map way of taking my notes this morning at church. I have actuallynever taken my notes that way before, but I really enjoyed it. I am a kinesthetic learner and seeing maps and graphs help me understand things a lot better than just simple notes. I was nervous at first to take my notes this way but I very quickly got the hang of it. After the sermon it was much easier for me to look over my notes and understand what the message and sub nots were pointing out. I will now take all of my sermon notes this way. 2. What did you like about the style of note taking you chose? I enjoyed using this style for many reasons. One of the main reasons was because it gave me the opportunity to listen more to the sermon wrather than focusing on writing down the notes that we were given. It also was a huge help to me after when I was looking over the notes. It gave me a clearer picture of what the sermon was about. 3. What did you dislike about the style of note taking you chose? I think the only thing I disliked about it is that it is almost like an outline,a nd if you are not careful you could miss an important long point that need sto be recorded just for the sake of making your picture graph look good. I added a few take away points at the bottom of my notes that I felt like I needed to add so that I could better understand the over all message. 4. How do you plan...
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...Symbols Facebook Symbols for Status Everyone fancy a cool status update decorated with facebook symbols. People always wonder how their friends got symbols for status when they add hearts, music notes , stars and other signs into their status. Actually its not difficult. Follow my steps and you will learn how to add facebook symbols for status. Before you start decoration your status updates with symbols, take a look at complete list of all facebook symbols. These are Unicode text characters that you can put into your status. Just use your imagination and creativity and you will come up with nice ideas. Take these symbols and combine them to create status decoration where you can add your ‘text update’. Most common facebook symbols people use for decoration are heart symbol, star symbol, math signs and music notes. Here we have got the most comprehensive list of facebook status symbols. Just copy and paste them in your status. ๑۩۞۩๑ Type your status message!! ๑۩۞۩๑ ๑۩๑ Type your status message!! ๑۩๑ ▂ ▃ ▅ ▆ █ Type your status message █ ▆ ▅ ▃ ▂ ★·.·´¯`·.·★ facebook symbols for status ★·.·´¯`·.·★ ..♩.¸¸♬´¯`♬.¸¸¤ Type your status message here o ¤¸¸.♬´¯`♬¸¸.♩.. ¤♥¤Oº°‘¨☜♥☞¤ symbols for facebook status ¤☜♥☞¨‘°ºO¤♥¤ ♬ •♩ ·.·´¯`·.·♭•♪ This is musical notes ♪ •♭·.·´¯`·.·♩ •♬ »——(¯` Type your status message here ´¯)——» ¸.·’★¸.·’★*·~-.¸-(★ facebook symbols ★)-,.-~*¸.·’★¸.·’★ •(♥).•*´¨`*•♥•(★) Type your status message here (★)•♥•*´¨`*•.(♥)• O...
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...discussions. No warning will be given to you and the invigilator will make a note of your name and update the Program Manager. You are not allowed to leave the examination hall till you finish your examination. You are required to switch off your mobiles always. |Course |Date |Time |Duration |Type of Exam |Comments | |Principles of Management |Wednesday |10.30 am - 12.30 pm |2 hours |Closed Book/Closed notes |Multiple choice ( 50 min) | | |4th Feb, | | |Laptops not allowed |Descriptive(1 hr 10 min) | | |2009 | | |Internet not allowed |Write with pen no scribbling | | | | | | |Mobile phones are not allowed in the class | |Organisational Behaviour |Wednesday |2.30 - 4.00 pm |90 min |Open Book/Open Notes | ...
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...CFA2 、 3 级考生请绕道。 二、作者背景 1. 学历：低于北京 TP 二校的理工科本科 2. 复习时间： 2 个月左右的脱产复习 3. 复习方式：在南京某知名高校内与两名 candidate 一起复习 4. 复习遍数：大概 notes2.5 遍。习题 3 遍 5. 考试成绩：除 alternative investment B ，其余 A 6. 考试用时：上午 1 小时 20 分钟，下午 1 小时 30 分钟 三、正文 3.1 复习资料、习题 a) Schweser Notes 5 本（课本部分） 5 星推荐必看 b) Schweser Notes 5 本（习题部分） 5 星推荐必做 c) 某机构中文翻译（广告位招租） 5 星推荐必购 d) 官方 Reading （课本部分） 负 5 星推荐（学术型人才推荐） e) 官方 Reading （习题部分） 6 星推荐必做 f) 近两年官方 mock （俗称模拟题） 5 星推荐必做 g) 近两年官方 sample （俗称样题） 6 星推荐必做 h) 某机构百题预测（广告位招租） 4 星推荐选作 i) N otes 练习（也就是 6 、 7 两本） 1 星推荐蛋疼者做之 j) 官方 道德手册 3 星推荐选看 k) 辅导班视频（广告位招租） 3 星推荐选看 l) 老婆一只 自己看着办吧 m) 辅导班（广告位招租） 本 3.5 没上 n) 其他 本 3.5 没看 3.1.1 阅读资料 说到考试资料，那官方的 Reading 就是纯 TM 扯淡，如果在今年能够收到电子版的情况下，还去花着 N 百刀买那自己用着都心疼的铜版纸教材，绝对是烧包的表现，一来不 支 持低碳生活，二来过于支持 CFA 的宗旨 —— 骗钱第一，考试第二。 在官网注册完，直奔万能的 Taobao ，在搜索栏 baidu 一下 “ CFA Notes ” 你就能看到 一 个真正的完全竞争市场。具体书的颜色每年不一样，但要用的是哪本，哥们你懂的。 同时某些机构的中文翻译教材，绝对是上佳之选，不要和我 zhuangbility 说兄弟你的 英文能力多么销魂，就是再 TM 销魂，你告诉我什么是 qualified 和 unqualified ，如果告诉 我是 “ 合格 ” 和 “ 不合格 ” 的，本 3.5 告诉你， S+B 离你已经不是太远了。 此外有许多朋友会推荐官方的道德手册（网购 notes 的时候一般会送你），这个问题 下 一章节会提及。 作为补充，辅导班的 “ 免费 ” 视频同样是可以用来借鉴的， 3000 多块钱白给，不要 白 不要。 另外某机构的百题预测也是可以用来把玩的，相当于在最后，对知识点做一个大致 的 温习，不过里面有些题目的答案并不完全正确，当然已经通读 notes 的你肯定能够判断出 的。 3.1.2 习题 大家经常会烦恼要做哪些题，要么说 notes 题少而简单，要么问书后的问答题到底要 不要做。本 3.5 郑重的告诉你，官方 Reading 后面的习题是一定要做的，无论选择还是问 答，因为其中有些干脆就会在考试中重现，比如在看定量分析（ quantitative ）的时候，你 会发现，为什么书中大篇幅出现的 T-value 和 F-value 的题目数量和只有一句话提及的 P- value 一样多的时候，作者已经内牛满面的在告诉你要考什么了。有人问 Reading 这么厚， 自习时候拿着多烦躁， 3.5 偷偷地告诉你， Reading...
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...TAKING LECTURE NOTES I. There are many reasons for taking lecture notes. A. Making yourself take notes forces you to listen carefully and test your understanding of the material. B. When you are reviewing, notes provide a gauge to what is important in the text. C. Personal notes are usually easier to remember than the text. D. The writing down of important points helps you to remember then even before you have studied the material formally. II. Instructors usually give clues to what is important to take down. Some of the more common clues are: A. Material written on the blackboard. B. Repetition C. Emphasis 1. Emphasis can be judged by tone of voice and gesture. 2. Emphasis can be judged by the amount of time the instructor spends on points and the number of examples he or she uses. D. Word signals (e.g. "There are two points of view on . . . " "The third reason is . . . " " In conclusion . . . ") E. Summaries given at the end of class. F. Reviews given at the beginning of class. III. Each student should develop his or her own method of taking notes, but most students find the following suggestions helpful: A. Make your notes brief. 1. Never use a sentence where you can use a phrase. Never use a phrase where you can use a word. 2. Use abbreviations and symbols, but be consistent. B. Put most notes in your own words. However, the following should be noted exactly: 1. Formulas 2. Definitions 3. Specific facts C. Use outline form and/or...
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