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What is the #DemandCurve in #Economics?

18 May

Let’s say that Mike is buying pencils from Metro (Màidélóng)

We want to know what price should Metro charge?

Demand Curve.jpg

This picture is very helpful! The Green Line tells us how many pencils Mike will buy at each price.

Situation #1: The price is $3.00, Mike is willing to buy 50 pencils.

Situation #2: The price is $1.00, Mike is willing to buy 70 pencils.

Situation #3: The price is $4.00 and Metro has 30 pencils. Will Mike buy them?

Answer: Yes! Mike wants 40 pencils, of course he would buy 30 if they are available.

Situation #4: The price is $4.00 and Metro has 50 pencils. Will Mike buy them?

Answer: No! Mike only wants 40 pencils, so he is never going to buy 50.

So we could draw the picture like this:

Demand Possibility.jpg

So what is the Demand Curve?

  • It tells us the MAXIMUM number of products Mike will buy at each price.
  • It tells us how many products Mike will NOT buy.
  • It gives us an idea of what price we should choose. For example, if the price is $8.00, Mike won’t buy any pencils!

The End of the Future — When You’re a student anyway

15 May
Supposed to meet a student today to talk about how to study for the final (he had a hard time on the middle exam). Super easy.
 
Student — 26 messages including 14 horror faces 😱 9 sobbing faces 😭 and 3 weeping piggies.
 
Me — Darlin! Are you okay? Is the world over? Has life ended?!?
 
Student — TEACHER! (more sobbing faces) . . . My building had no power (true). My phone died and I didn’t get the alarm. I went to sleep and I forgot our meeting! Will I pass the test!?! Will I fail!?! Dear teacher, what should I do! (Another weeping piggy).
 
Me — Darlin — no fears, there’s this awesome fun word called RESCHEDULING!
 
Student — 😮Wow! We can do that?
 
Me — Sweetheart, I am Queen Olivia of the Economics classroom known as Olivia Country. There is nothing I can’t do 😎 Mwahahahahaha I am powerful! 😂🤣
 
Teaching — the power is addicting. Also, they are calling me Queen Olivia now because we keep talking about Olivia Country in economics 😅

Price of Related Goods (PR) in #Economics

3 May

An #Infograph for my Chinese students in #microeconomics and #macroeconomics 

When we study Supply and Demand in #economics, we learned that one of the factors that changes them both is Price of Related Goods.  

  • Supply — The number of products the company has available to sell at all prices
  • Demand — The number of products the buyers will purchase at all prices
  • Quantity Supplied — The number of products supplied at a specific price
  • Quantity Demanded — The number of products demanded at a specific price
  • Inverse Relationship — When Y ↑   then X ↓ — Line goes down
  • Direct Relationship — When Y ↑  then X   ↑ — Line goes up

#business #studyguide #econ 

new-piktochart_30078936

Job Interviews are a #Negotiation, not a Grocery Purchase

20 Apr

So many of my amazing #students are up and off to internships and their first jobs. Proud and thrilled for them!

But it recently reminded me of one of my early interviews for a position while in law school. I had applied for a job with #LexisNexis at my University to work as a recruitment / trainer kind of person (for those of you who don’t know – they operate one of the big legal research websites and hire students to train other law students in how to use the system). 

During the first meeting, the interviewer asked me what I was looking for in a workplace. I answered very honestly. Nothing outrageous — I needed something flexible to work around my school schedule and a job that did not involve a lot of weekly meetings and reports. At the time, I was swamped with school and couldn’t afford a job that was extremely time-consuming. I’ve had those jobs (#teaching happens to be one) where they say you’ll work 5 hours but the reality is more like 12. I had also recently come out of a job where the manager would give us orders, but never explain how to accomplish the assignment (it wasn’t something you could just pick up). If you did it wrong, they were furious because it wasn’t how they wanted it. All of the student workers quit in about a month. So I also mentioned that I was willing to go the extra mile for a company, but I really appreciated managers who were clear about their expectations and specific if they wanted things done a certain way.

In the second meeting the interviewer took me aside to explain that I should never tell a company what I’m looking for. That they may not fit that description and then won’t hire me. You should only talk about how you benefit them. 

It was the worst advice I’ve ever received.

Jobs are not a one-way-street! It’s a negotiation. Recruiters are not walking into a shopping mart looking over the selections, picking the best employee for them, and then making a wonderful masterpiece out of the pieces. They may be considering you, but you are also considering them.  If the company does not suit you, if the management sends your stress through the roof, if the job is inconsistent and changing while you work better under consistent and clear guidelines — those are important factors in job success. The masterpiece relies on both parties doing their best.

It’s called the ‘job market‘ for a reason — there are both buyers and sellers. While the buyer’s interests and needs are very important, the seller also has a role to play. There may be some buyers you just aren’t willing to work with because they don’t have what you want.

It is true that if you are extremely picky, you may put off potential hiring opportunities.

However, if you have a list of reasonable requests — issues that may determine whether you like a job and are satisfied with a position — it’s okay to discuss them.

In my last workplace, they got a little crazy with “evaluations” of professors. While I strongly support the concept of evaluations, we had student evals, management evals, and peer evals. I had random people in my classroom at least once a week and then I was (without pay) expected to visit anywhere from 3-5 people myself to evaluate them during busy mid-term sessions. It didn’t work. Everyone was stressed, the students didn’t respond well to the constant flow of new and unfamiliar faces. We would have as many as 5-6 meetings just to explain, catch-up, update, explain, and re-update information about evaluations. There was a lot of unnecessary frustration. So in my next job search, I asked recruiters how evaluations were completed and explained that I wanted a program where the system was solid but well-planned. Finally came a recruiter who said “Totally! That drives me crazy too. Our system includes X, Y, and Z — it’s all done at specific times and with forward planning. We get it done as quickly as possible so that it doesn’t disrupt the classroom.” Great! This is what I was looking for! They explained what they were looking for (I fit). I explained what I was looking for (they fit). I took the job, and we’ve both been very satisfied (I received some of the highest student evaluations of 2017).

If a company cannot fit your needs and requirements, it isn’t going to be a happy relationship. If you and the company are both satisfied and all needs are met — it’s market equilibrium (the best trade for everyone).

So don’t let recruiters try to shop you over. Negotiate. Talk. Remember — Job interviews are cooperative and involve two sides.

#Tuvalu and the #Round Ocean Economy

19 Apr

#Student – They (#tuvalu) are a good economy becuase the land is small and the ocean is round.

#Me — It’s the ’round’ #ocean that is the make-or-break factor here. . . Those hexagonal oceans are just worthless. Might as well not exist. 🏝️😝

#Teacher #teach #humor #funny

Terrorists for #Tourism = Bad Foreign Policy!

17 Apr

#Student: Tuvalu has some nice #beaches. So they can let some more terrorists in their country and get better profit.
Me: . . . . . 😮 I think you meant “#tourist” darlin. I’m pretty sure terrorists do not equal more profits.🌴🏝️

#Diversity – It’s More Than Just a Hiring Issue!

16 Apr

Being ‘diverse’ is more than just hiring the right people and ‘seeing everyone the same.’ It means recognizing differences, acknowledging them, and responding appropriately when necessary.   Having a strong Business Culture involves understanding the background that people are coming from and adapting to it as needed so that people feel motivated and comfortable.  For example, if you are going to do business in China, you should do some research into their traditions.  Even if it’s not ‘unfair treatment’ — assigning someone from China to chair #4 may actually cause a problem for them culturally (4 can represent death or bad luck in Asian cultures).  Many of my Chinese students feel very uncomfortable being asked to be in ‘Group 4’ or to sit in ‘Chair 4’ during a project.   It’s important that I (as an international employee) be aware of that and do my best to find work-arounds.  It isn’t difficult, but it does take some thought and forward planning. 

The #Royalty is here! Now go away. . . . (#Teaching humor)

15 Apr

My class roster: Duke, King, Noble, Catherine, Peter, Ivan, Henry, Harry, Elizabeth, Helen, Kate, William, John, Robert, James, Solomon, David

Me : Now that the royalty has all arrived. . . Let’s talk about why Feudalism is a terrible system. 

safe_image

#StudyAid for Understanding #Graphs in #Business and #Economics

20 Mar

Quick tip for my students of #Economics#Business, and #Finance — I know some of you have a hard time with the graphs. So many lines gets a little confusing.  If you are a little more “artist” than you are “mathematician” by nature, this is a tip I’ve shared with many students to help them keep track of information.  Buy a DRAWING book, not a notebook with lines on the paper. A blank book. Also buy a set of markers or colored pens.  Pick a color for each “key” thing — For example, Profit can be blue and Revenue can be red.  Draw the graphs in your notebook with those colors. Use the same colors to take notes. Whenever you are writing about “Revenue,” use the red pen. Whenever you are writing about “Profit” use the blue pen.  People who are visual can often see things better when there are different colors. It is easier to avoid getting confused and to keep things clear in your mind.  The students who try this method say it helps them a lot more. It’s worth a try! 

Break Even

 

#Business and #Finance ~ FIFO, LIFO, and AVCO

13 Mar

As always, this lesson is not intended to be professional advice. This is simply lesson material for ESL students in an introductory Economics and Finance class. Posted here for their use or for helping other students. 

Although they might sound more like little dog names (“Here, Fifo!) the terms FIFO, LIFO, and AVCO are actually extremely important terms in Accounting, Supply Chain Management, and Business!

Image result for Fifo

The company wants to know, “What is our Profit this year?” “How much Money did we make?”

Hopefully, you already remember this ~

Profit = Revenue – Cost 

This sounds pretty easy!  But actually it isn’t -_- . . . . in fact each company may count their profits in a different way!

Let’s look at how this happens Continue reading

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