Jessie’s ECO 106 Archived Resources

 

 

Below are some resources that I think are helpful for ECO 106 students . If you have any questions come to an SI session or leave a comment below. You can also upload any of your helpful resources in the comment section! 

http://www.whatamimissinghere.com/wp-content/uploads/2010/10/Economic-Mood-Swings-Cagle-83845.jpg

 

My Session Schedule, Winter 2016

[box] Wednesday 6-7pm, Richardson Library 109

Thursday 1:30-2:30pm, DePaul Center C105

Office Hour – Tuesday 4-5pm, Richardson Library 111 [/box]

Can’t attend any of my sessions? Check out other ECO 106 SI leaders’ schedules here.

About Me

Hello everyone! My name is Jessie, and I look forward to coming together and working through ECO 106 with all of you this year! In a nutshell, I grew up in Asheville, North Carolina, I have a younger sister and brother, family in Switzerland and Pakistan, and I enjoy good food, hiking, swimming, and meeting new people.  I work as a Research Assistant for Noetic Search, which is an executive search firm for the nonprofit sector. I am also a weekly mentor/tutor with Family Matters. I currently live near Evanston, so my goal this year is to become more involved in the DePaul community. Please feel free to reach out to me at any time. I am here for you!

Useful Resources

Khan Academy | FRED | Investopedia Has Great Videos & Simple Definitions! | World Bank | This YouTuber Helped Me Through ECO 105 & 106!

3.1.2016

2.11.2016

We have now switched to Monetary Policy. Here’s a great video:

MIDTERM REVIEW MATERIAL:

Jeopardy link.

Download (PPTX, 859KB)

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Some Important Definitions

From Week Three 1.27.2016

*Here is a GREAT video if you want help understanding the consumption function, MPC, and the Keynesian Cross. 

  1. Consumption – Purchase of a gaming console
  2. Investment  –   Purchase of a machine by a business
  3. Government purchases  – Purchase of a military aircraft
  4. Net Exports – Sale of U.S. oil to Mexico
  5. GDP Deflator  –  Measure of the price level –  (Nominal GDP/Real GDP)*100
  6. Nominal GDP  –   Uses current prices to value the economy’s total production of goods and services.
  7. Real GDP   –  Uses constant base-year prices to value the economy’s total production of  goods and services.
  8. Unemployment Rate  –  Currently 5.5% (U3)
  9. U3 (Officially recognized rate of unemployment )   -Uemployment/Population (which is employed + unemployed)
  10. Labor Force Participation Rate-Currently 62.4%
  11. Discouraged Worker Effect -Those who want to work but cannot find any
  12. U-6 unemployment rate -Includes discouraged workers, those who are available (and want) to work, but have not searched for work in the past four weeks, as well as people who work part time because full-time work is not available.
  13. Producer price index (PPI)  – A measure of the cost of a basket of goods and services bought by firms.
  14. Inflation Rate  –   The % change in the price index from the previous period.
  15. Consumer price index (CPI) – A measure of the overall cost of goods and services bought by a typical consumer.
  16. Gross domestic product –    Market value of all final goods and services produced within a country within a given time period
  17. Microeconomics   –   Study of how households and firms make decisions and how they interact in markets.
  18. Macroeconomics – Study of economy – including inflation,  unemployment & economic growth.

From Week Two 1.19.2016 

  1. Business cycle- recurring fluctuations in economic activity – recession, recovery, growth, decline
  2. Business Fluctuation-Rise & fall of real GDP over time (non-systematic).
  3. Recession-period in which real GDP declines consecutively for 2 quarters (6 months)
  4. Peak-point where real GDP stops going up
  5. Trough-Point when real GDP stops going down, and begins moving upward
  6. Expansion-period of recovery from a recession
  7. Depression-state of economy with high unemployment, and other bad economic perfomrance indicators

From Week One 1.14.2016 

  1. Economy—Comes from two Greek words Oikonomos: “one who manages a household.” Household: decisions, tasks, MUST ALLOCATE SCARE RESOURCES. Society has limited resources—Scarcity | Adam Smith—households and firms interacting in markets act as if guided by an “invisible hand.”
  2. Efficiency—the property of society getting the most it can from its scarce resources
  3. Equity—the property of distributing economic prosperity uniformly among the members of society
  4. Opportunity cost—what is given up
  5. Rational people—think at the margin
  6. Market economy—An economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services.
  7. Inflation—an increase in the overall level of prices in the economy
  8. Business cycle—fluctuations in economic activity, such as employment and production.

Diagrams and Models

Link-https://www.youtube.com/watch?v=sIlNIVXpIns

FromWeek Three 1.28.2016

Here is a GREAT video if you want help understanding the consumption function, MPC, and the Keynesian Cross. 

From Week Two 1.19.2016 

 

 

Circular flow diagram—shows how dollars flow through markets along households and firms

Circular flow diagram—shows how dollars flow through markets along households and firms

 

From Week One 1.14.2016 

Fiscal And Monetary Policy
https://www.richmondfed.org/~/media/richmondfedorg/publications/education/5e_educator/2013/pdf/snacks_ms_quotes.pdf

     

 

PPF (Production Possibilities Frontier)—Shows combination of output that an economy COULD produce (not very realistic)
PPF (Production Possibilities Frontier)—Shows combination of output that an economy COULD produce (not very realistic)

 

Exercises – Answers located at bottom

From Week One 1.14.2016  –

Shifts:

Luxury automobile market—the economy goes into a longer recession

Yogurt market—the price of yogurt increases

Jug wine market—the economy goes into a long expansion: it’s an inferior good

Answers – Decrease in Demand, No Shift, Demand Decreases

Videos Helpful for Understanding Certain Difficult Concepts

 

From Week Two 1.19.2016

Fantastic Sales Tax Video!

From Week One 1.14.2016

 

Tips

The material we will cover in this ECO 106 class will “click” if you spend the time analyzing and thinking beyond the text! There were several things that helped me through my Econ classes-

 

  • Skimming the text prior to each lecture
  • Taking notes and actively listening during class
  • Spending time outside of class reading the news and thinking about why the economy is behaving the way it is, and constantly watching videos on Youtube (this link will bring you to a great Econ Youtuber!), Investopedia (Here’s a great link to Basic Economics), and Khan Academy (Here’s another great intro) to get a different take on the material.
  • For Exams, I would re-write all my notes a week before the exam (it takes time), but only the material I did not fully understand. I would then constantly consolidate my notes throughout the week. Then a few days before the exam, I would have a shorter version of my notes to study, and I would rework through problems. Of course, I would also attend the SI sessions.

 

Remember, everyone’s style is different! I am an auditory learner, so for a lot of my classes I will record myself reading my study guide, then I will listen to it rather than music while I need to study. By clicking this link, you will find what learning style you are, and some tips and tricks on how to study best!

Also, here is a link to Georgetown’s Economics Study Tips.

GOOD LUCK STUDYING! AND REMEMBER TO HAVE FUN LEARNING!

Handouts

Will send out via email to those who attend sessions, or contact me!

If you have any questions, concerns, or feedback, feel free to submit this contact form, and I will get back to you!