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This Makes My Brain Tired 0_0

21 Nov

Studying Business Operations is a bit like those old logic puzzles: If Sarah and Jim are working on Project A and Tom and Valerie are doing Project B, when can Sarah and Rob start on Project C sitting together next to the bride and groom, but not next to Maggie who is not married to Sam?

#Economics 101 ~ Absolute Advantage, Comparative Advantage, and the PPF

1 Oct

*As always, this is not intended to be professional advice. This was written with ESL students in mind, designed for a basic #Economics class. We simply hope that it may be helpful to other students trying to understand the concept.

UNDERSTANDING THE PPF

PPF.jpg

The two lines you see up above are called Product Possibility Frontiers or the PPF.

Situation: Vietnam (越南) and Thailand (泰国) both are given $500 to make Swords (剑) or Bows & Arrows (弓箭). Because their money is limited (有限) (there is an end to the money), both countries need to decide how many they should make. Problem: if they spend money on swords, that means less money for bows and arrows. And if they spend money on bows and arrows, that means less money available for swords. It’s a CHOICE (or in economics — a TRADE-OFF).

They have three choices: 1) Make only Swords. 2) Make only Bows and Arrows. 3) Make some of both.

The green line (Vietnam) shows all the possible combinations (组合) that Vietnam can make if it uses ALL the money ($500). Continue reading

I Love my Darlings!

29 Sep

You know why I love my job? Because of the amazingly sweet and tender-hearted students I meet. I recently posted a ‘Happy Birthday’ to my mom. More than 300 of the students responded with Best wishes and love. 😍💕 Hearts of gold I tell ya!

All Rise for the Monthly Reading of the Cute Boy Band Memorandum!

25 Aug

Someone’s Hot Guys Magazine came in yesterday!
And by someone, I mean the 3 female students sitting in front of me in the auditorium. And by hot guys, I mean a boy band group of some type. Three magazines filled with pictures of the boy band group being all awesome and, according to a credible source (aka Girl #1) ‘wow!’. The girls were so excited, sharing the magazines between them and already folding down faves. Then break struck and the rest of their crew arrived to check it out. Lol, I haven’t seen so much fangirling since the tall French boy came for study abroad and had the girls hanging out in the Bridge Café to watch him. 🤣😂
#TeachingisFun #TheYoungandtheRestless #GoogleyEyes #Fangirls

sailor moon wow GIF

 

Dragon Boat #Zongzi! #Foodie Fun!

18 Jun

I have awesome #students!! Yesterday was the #Chinese national #DragonBoat #Festival where college close down and Everyone eats yummy Food at home. We were forced to have #class instead so some of my darlings brought me #zongzi – bamboo or banana leaf wrapped glutinous #rice triangles. It’sva very popular Traditional dish here in #China. Wasn’t that sweet of them?!?

**They are calling them ‘Social Surplus’ zongzi because we are studying the Surplus triangle in class Lol 😛

12 Jun
OMG this week is confusing 😂
There are about 28 sophomores re-taking economics this semester. The school has changed our schedule for this week 4 times now.
 
There are also about 4 of them failing the class right now. I am setting up one-on-one meetings with them.
 
Problem: They call meetings ‘classes’ — So my conversations go something like this: 
 
Me: Hey darling, we have class at 8:30am now.
 
Student: So I should come to your office then?
 
Me: No, that is still the same. This is class with your friends.
 
Student: Oh. . . .
 
Me: Hey darlin, our class was changed to 7:00pm so we need to rearrange our meeting to another time.
 
Student 2: So. . . . I don’t have class at 7:00.
 
Me: No, you do have class at 7:00. But we don’t have our meeting.
 
Student 2: Oh, I will come to your office at 7:00.
 
Me: 😅 No. . . that’s the class with your friends.
 
Student 2: -_-   
Me: . . . . . Guess what, Class is now moved to 3:30pm. . . . . So we need to move our meeting and the class. 
Student 3: (sobbing face).
 
Me: This is so confusing. . . .
 
If you like this, and want to see some more Teaching Funnies, check out my Facebook Page — Foreign Academics

What is the #Supply (供给) Curve?

8 Jun

What is the #Supply Curve in #Economics?
Supply is the number of products currently available for sale.

In #Microeconomics, we often look at the supply of one company (how many that company has ready for trade).

In #Macroeconomics, we sometimes talk about Aggregate Supply (how many are up for sale in the entire market).

Below is a simple explanation of the Supply Graph and what you need to know!

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

We want to know what price should Mike offer?

Suipply Curve.jpg

This picture is very helpful! The light Green Line (supply ) tells us how many pencils Metro will have available for sale at each price.

Situation #1: The price is $3.00, Metro will have 30 pencils available for sale.

Situation #2: The price is $1.00, Metro will have 10 pencils available for sale.

Situation #3: The price is $4.00 and Mike wants 25 pencils. Can Mike buy those 25 from Metro?

Answer: Yes! Mike wants 25 pencils and Metro has 40 pencils. So Mike can buy 25 pencils at Metro for $4.

Situation #4: The price is $4.00 and Mike wants 50 pencils. Can Mike buy 50 pencils from Metro?

Answer: No! Mike wants 50 pencils, but Metro only has 40. So Mike can get 25 pencils or even 40 pencils. But he cannot buy 50 pencils for $4.00 because the store will not have enough.

So we could draw the picture like this:

Supply 2

So what is the Supply Curve?

  • It tells us the MAXIMUM (最大) number of products Metro will have available for sale at each price.
  • It tells us how many products Mike CANNOT buy.
  • It gives us an idea of what price we should choose. For example, if the price is $8.00, Mike can buy 80 pencils! But if the price is $1, he can only buy 5 pencils.

Law of Supply (供给法则) ~ When price increases (), more products will be available for sale.

Economy Outline for #Macroeconomics

21 May

economic-outline.jpg

This picture is designed for my Macroeconomics students (and any others who may find it useful). 

In Economics, we are given a very helpful “Photo” or picture of the economy called the Circular Flow Diagram. (remember, “circular flow” means ‘to go in a circle’). 

circular-flow-diagram.jpg

We know from this picture that every economy is made up of two kinds of stores — 1) those that sell products they have created to consumers (Product Market) and 2) those that sell the factors of production like land, labor, and capital (Factors of Production Market).

Economic Trade = Goods Market + Factors of Production Market

Each market is then made up of Supply and Demand.  Supply is how many products the store has available for sale. Demand is how many products the buyer will purchase if given the opportunity. 

Let’s say the Quantity Supplied is 20. . . . why 20? Why not 0? What can we do to make the store offer more? What can we do to have lower supply?

Supply is made up of six main factors:

  • Price of the product
  • Price of Inputs (cost of making the product)
  • Price of Related Goods in Supply (for example, the price / revenue of an alternative product)
  • Level of Technology
  • Expected Future Price
  • Number of Companies in the market.

Demand is also made up of six main factors:

  • Price of the product
  • Income of the buyers
  • Price of Related Goods in Demand (for example, the price/cost of buying an alternative product)
  • Level of Taste (do you like it)
  • Expected Future Price
  • Number of Buyers in the market.

 

Everything we study in Microeconomics and Macroeconomics fits into this picture of the economy.   All of our resources go into one of the two markets. All of our topics fit into Supply and/or Demand.  All issues are somewhere in the factors of supply or demand.

Unemployment for example is often a problem in demand (no companies want to hire).  Where in demand? — Maybe Taste (they don’t like the new graduates, think they are lazy) or Price (the workers are demanding higher salaries). 

GDP is an issue involving lots of factors — Number of Buyers (population), Income, Prices, etc.

Price Controls & Equilibrium – Prices, Price of Inputs, Price of Related Goods, Future Prices

Interest Rates – Prices and Income

Inflation – Prices and Income

As long as you understand the factors of the economy, you should start to see why we look at the things we do for economics classes!

 

 

What is the #DemandCurve in #Economics?

18 May

What is the #Demand Curve in #Economics?
Demand is the number of products the buyers are willing to purchase.

In #Microeconomics, we often look at the demand of one company or buyer.

In #Macroeconomics, we sometimes talk about Aggregate Demand (how many are will all buyers in the market purchase at each price). 

Below is a simple explanation of the Supply Graph and what you need to know!

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 light Green Line  (Demand – 需求) 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 (需求) Curve?

  • It tells us the MAXIMUM (最大) 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!

Law of Demand (需求法则) ~ When price increases (), buyers will be willing to buyer less products than before (when price goes up, we buy less).

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 😅
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