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ECO 155 Lecture One: Introduction to Economics and Study Strategies - Prof. Thomas L. Wyri, Study notes of Introduction to Macroeconomics

The transcript of the first lecture of an introductory economics course (eco 155) at a university. The professor discusses communication methods, the focus of economics, macroeconomics, assumptions in economics, and study strategies. He encourages students to use email for communication and to attend class and read the textbook. He also explains the types of tests and the importance of understanding economic concepts.

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ECO 155 750 LECTURE ONE 1
HI. I'M TOM WYRICK AND I'LL BE YOUR INSTRUCTOR THIS SEMESTER IN
ECON 155. IT'S THE PRINCIPLES OF MACROECONOMICS, BUT THIS IS
BASICALLY THE BEGINNING COURSE IN ECONOMICS. I WANTED TO MENTION
TO YOU JUST A FEW THINGS IN THIS INTRODUCTORY DISCUSSION AND THEN
THE NEXT TIME WE'LL START WITH BASICALLY THE LECTURE AND THE
TEXTBOOK, AND WE'LL HAVE STUDENTS IN HERE AT THE SAME TIME.
WHAT DO I WANT TO START WITH? THE TEXTBOOK I USE IS BY A GUY
NAMED ROGER ARNOLD. THE TITLE OF THE BOOK IS JUST
MACROECONOMICS AND THERE'S A STUDY GUIDE TO ACCOMPANY THAT.
YOU OUGHT TO GET THE TEXTBOOK AND THE STUDY GUIDE. WE'LL HAVE
ADDITIONAL SUPPORT MATERIALS ON THE INTERNET, SO YOU'LL BE ABLE TO
GO THERE AND GET CLASS HANDOUTS AND ANNOUNCEMENTS AND THINGS
LIKE THAT.
IN JUST A FEW MINUTES WE'LL GO TO A COMPUTER SIT-DOWN AND
TALK A LITTLE BIT ABOUT THE INTERNET FOR THOSE OF YOU WHO ARE NOT
FAMILIAR WITH IT. LET ME ENCOURAGE YOU AS THE SEMESTER GOES
ALONG TO USE E-MAIL TO COMMUNICATE WITH ME. YOU'RE CERTAINLY
WELCOME TO GIVE ME A CALL OR COME BY MY OFFICE. MY TELEPHONE
NUMBER IS 836-5060 AND MY OFFICE IS ROOM 370 HERE IN THIS BUILDING.
ANYWAY, USE THE E-MAIL, THOUGH, TO GET IN TOUCH WITH ME IF
YOU'D LIKE TO ASK ME A QUESTION, SOMETHING THAT YOU'RE CONFUSED
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Partial preview of the text

Download ECO 155 Lecture One: Introduction to Economics and Study Strategies - Prof. Thomas L. Wyri and more Study notes Introduction to Macroeconomics in PDF only on Docsity!

HI. I'M TOM WYRICK AND I'LL BE YOUR INSTRUCTOR THIS SEMESTER IN

ECON 155. IT'S THE PRINCIPLES OF MACROECONOMICS , BUT THIS IS

BASICALLY THE BEGINNING COURSE IN ECONOMICS. I WANTED TO MENTION

TO YOU JUST A FEW THINGS IN THIS INTRODUCTORY DISCUSSION AND THEN

THE NEXT TIME WE'LL START WITH BASICALLY THE LECTURE AND THE

TEXTBOOK, AND WE'LL HAVE STUDENTS IN HERE AT THE SAME TIME.

WHAT DO I WANT TO START WITH? THE TEXTBOOK I USE IS BY A GUY

NAMED ROGER ARNOLD. THE TITLE OF THE BOOK IS JUST

MACROECONOMICS AND THERE'S A STUDY GUIDE TO ACCOMPANY THAT.

YOU OUGHT TO GET THE TEXTBOOK AND THE STUDY GUIDE. WE'LL HAVE

ADDITIONAL SUPPORT MATERIALS ON THE INTERNET, SO YOU'LL BE ABLE TO

GO THERE AND GET CLASS HANDOUTS AND ANNOUNCEMENTS AND THINGS

LIKE THAT.

IN JUST A FEW MINUTES WE'LL GO TO A COMPUTER SIT-DOWN AND

TALK A LITTLE BIT ABOUT THE INTERNET FOR THOSE OF YOU WHO ARE NOT

FAMILIAR WITH IT. LET ME ENCOURAGE YOU AS THE SEMESTER GOES

ALONG TO USE E-MAIL TO COMMUNICATE WITH ME. YOU'RE CERTAINLY

WELCOME TO GIVE ME A CALL OR COME BY MY OFFICE. MY TELEPHONE

NUMBER IS 836-5060 AND MY OFFICE IS ROOM 370 HERE IN THIS BUILDING.

ANYWAY, USE THE E-MAIL, THOUGH, TO GET IN TOUCH WITH ME IF

YOU'D LIKE TO ASK ME A QUESTION, SOMETHING THAT YOU'RE CONFUSED

BY, OR IF YOU'D LIKE TO CHECK ON YOUR GRADE AFTER YOU'VE TAKEN A

TEST. WE DO HAVE A TUTOR IN THE ECONOMICS DEPARTMENT, SO IF YOU

FIND OUT THAT YOU'RE HAVING A LITTLE BIT OF DIFFICULTY WITH

SOMETHING YOU CAN EITHER COME SEE ME OR GET IN TOUCH WITH THE

TUTOR. THE TUTOR'S HOURS WILL CHANGE EACH SEMESTER AND THOSE

WILL BE POSTED ON MY WEB PAGE FOR THIS CLASS. AND SO BE SURE THAT

YOU TAKE ADVANTAGE OF THESE RESOURCES IF YOU NEED THE HELP.

LET ME TALK JUST A LITTLE BIT ABOUT THE COURSE AND THEN WE'LL

GO INTO SOME OF THE DETAILS, THE GRADING AND SO FORTH. ECONOMICS

155 IS A COURSE THAT EXAMINES THE OPERATION OF THE ECONOMY AND

THAT'S THE BEST WAY TO DESCRIBE IT. AND IT'S THE OPERATION REALLY OF

NOT JUST ANY ECONOMY BUT OUR ECONOMY, A MARKET ECONOMY. AND IN

A MARKET ECONOMY PEOPLE ARE FREE TO COME AND GO AS THEY PLEASE

TO A GREAT EXTENT. THERE ARE CERTAIN RULES AND RESTRICTIONS, BUT

WE DON'T LOOK VERY MUCH THIS SEMESTER AT AN ECONOMY THAT'S

ORGANIZED ALONG DIFFERENT LINES -- LET'S SAY WHERE THE GOVERNMENT

WOULD BE MAKING THE DECISIONS AND TELLING PEOPLE WHERE TO WORK

AND SO FORTH. SO WE'LL BE LOOKING AT THE OPERATION OF A MARKET

ECONOMY AND WE'LL ALSO LOOK AT THE POLICIES USED BY OUR

GOVERNMENT TO INFLUENCE ECONOMIC CONDITIONS.

I THINK THE STUDENTS WHO'LL GET THE MOST USE OUT OF THIS

WOULD BE PEOPLE WHO ARE INTERESTED IN THE OPERATION OF THE

ECONOMY, MAYBE FOR THEIR PERSONAL REASONS OR MAYBE THEY'RE

ECONOMICS ALSO DEALS WITH WHAT I WOULD CALL THE

MACROECONOMY AND THE MACROECONOMY IS EVERYTHING ADDED

TOGETHER INTO ONE LUMP SUM. FOR EXAMPLE, WE'LL BE TALKING ABOUT A

TERM LIKE GROSS DOMESTIC PRODUCT. GROSS DOMESTIC PRODUCT IS THE

BIGGEST MEASURE OF ECONOMIC ACTIVITY AND IT BASICALLY ADDS

TOGETHER THE OUTPUT PRODUCED BY ME AND YOU AND THE PERSON ON THE

STREET, AND WE ADD ALL THAT TOGETHER AND WE GET GROSS DOMESTIC

PRODUCT. YOU'LL HEAR THAT TERM OR I'LL SAY GDP MANY TIMES FOR GROSS

DOMESTIC PRODUCT. YOU'LL HEAR THAT TERM PROBABLY A THOUSAND TIMES

BEFORE THIS SEMESTER IS OVER SO YOU'LL BECOME VERY FAMILIAR WITH

THAT.

ECONOMISTS DEVELOP MODELS WHICH ARE REALLY JUST COMPLEX

EXPLANATIONS OF HOW PEOPLE INTERACT WITH EACH OTHER IN THE

MARKETPLACE AND HOW THE ECONOMY OPERATES, AND REALLY THE PURPOSE

OF THIS CLASS IS TO INTRODUCE THOSE MODELS TO YOU. THERE'S ONE THING

THAT YOU ALWAYS WANT TO KEEP IN MIND WHEN YOU'RE STUDYING

ECONOMICS AND THAT'S THIS: WE ASSUME THAT WHEN PEOPLE ARE GOING

OUT THERE AND INTERACTING IN THE ECONOMY, INTERACTING WITH EACH

OTHER AND DECIDING WHETHER TO BUY OR SELL SOMETHING AND SO FORTH,

WE ALWAYS ASSUME -- WE ECONOMISTS ALWAYS ASSUME THAT PEOPLE ARE

INTERESTED IN FURTHERING THEIR OWN INTEREST. WE SAY SELF-INTERESTED.

AND THAT IS ONE THING THAT MAKES ECONOMICS A LITTLE BIT

DIFFERENT THAN SOME OF THE OTHER SOCIAL SCIENCES. A LOT OF TIMES

SOCIAL SCIENCES DON'T LOOK AT WHAT MOTIVATES PEOPLE BUT JUST TALK

MORE ABOUT THE BEHAVIOR OF PEOPLE AND THEIR INTERACTION. BUT ALL OF

OUR SCIENCE HERE, THE ECONOMIC SCIENCE, STARTS OFF WITH THIS IDEA OF

MOTIVATION. WE ASSUME THAT PEOPLE ARE SELF-INTERESTED. AND SO I

GUESS WHAT I'M SAYING HERE TO YOU IS, YOU SHOULD ALWAYS LOOK FOR

THAT IN THE BACKGROUND OF WHATEVER WE TALK ABOUT.

I MENTIONED THE GROSS DOMESTIC PRODUCT A MOMENT AGO. IF YOU

CAN BELIEVE IT OR NOT, IF WE ADD TOGETHER ALL OF THE PRODUCTION BY

EVERYBODY IN THE UNITED STATES, THE TOTAL VALUE OF THAT PRODUCTION

EACH YEAR IS ON THE ORDER OF EIGHT, NINE TRILLION DOLLARS. A TRILLION

DOLLARS IS A THOUSAND BILLION, SO WE'RE REALLY TALKING ABOUT HUGE

NUMBERS. IN ADDITION TO JUST TALKING ABOUT THE GROSS DOMESTIC

PRODUCT, HOW BIG IT IS AND WHAT CAUSES IT TO BE THAT CERTAIN AMOUNT,

WE'RE ALSO INTERESTED IN GOVERNMENT POLICY. YOU KNOW, IF GROSS

DOMESTIC PRODUCT IS GOING DOWN, A LOT OF PEOPLE ARE UNHAPPY. AND SO

OUR ELECTED OFFICIALS, POLICYMAKERS, THEY TRY TO DO SOMETHING ABOUT

THAT. THEY TRY TO GET THE GROSS DOMESTIC PRODUCT TO GROW.

AND SO THAT'LL BE ANOTHER THING THAT WE TALK ABOUT THIS

SEMESTER IS THE ECONOMIC POLICIES THAT ARE UNDERTAKEN, MONETARY

POLICY AND FISCAL POLICY, THE POLICIES THAT ARE UNDERTAKEN, TO TRY

AND REGULATE OR AT LEAST INFLUENCE GROSS DOMESTIC PRODUCT AND KEEP

THESE TERMS.

AND SO I GUESS WHAT I WOULD TELL YOU TO DO AS THE SEMESTER GOES

ALONG IS WORK VERY HARD ON YOUR VOCABULARY OF ECONOMICS. WHEN

YOU HEAR ME USE A TERM LIKE "MONEY," DON'T JUST THINK, "YEAH, I KNOW

WHAT THAT IS" AND TUNE ME OUT FOR A MINUTE OR TWO, BUT THINK, "YOU

KNOW, MAYBE THIS GUY WILL HAVE A DIFFERENT DEFINITION OF MONEY THAN

WHAT I'M FAMILIAR WITH." AND PAY ATTENTION TO THOSE DEFINITIONS, WRITE

'EM DOWN, THINK ABOUT 'EM.

AND THE SAME THING WILL BE TRUE WITH ALL THE CONCEPTS THAT I

INTRODUCE AS THE SEMESTER PROGRESSES. I'VE MENTIONED HERE A MOMENT

AGO GROSS DOMESTIC PRODUCT. MAYBE YOU'VE HEARD THAT BEFORE BUT

PERHAPS YOU DON'T HAVE A VERY TECHNICAL UNDERSTANDING OF IT OR

MAYBE THE RELATIONSHIP BETWEEN GROSS DOMESTIC PRODUCT AND SOME

OTHER VARIABLES. AND SO I THINK THE MOST IMPORTANT THING YOU CAN DO

IS TO LISTEN TO THOSE CONCEPTS, MAKE SORT OF A LIST OF 'EM, AND KNOW A

DEFINITION OF THE CONCEPTS. AND THEN ALSO KNOW HOW ONE CONCEPT IS

RELATED TO ANOTHER ONE.

AND THAT'S REALLY THE PURPOSE OF THE STUDY GUIDE THAT GOES

ALONG WITH THE TEXTBOOK, IS TO HELP YOU DEVELOP THAT VOCABULARY

AND UNDERSTAND THE KEY CONCEPTS. THAT'S A VERY IMPORTANT THING. IT'S

EASY TO START THINKING ABOUT, "GOSH, I'VE GOTTA LEARN THESE THEORIES

AND KNOW ALL THE THEORIES," BUT THE IMPORTANT THING FOR YOU TO KNOW

IS THAT YOU'RE NEVER GONNA LEARN THOSE THEORIES AND MASTER THOSE

UNLESS YOU'RE COMFORTABLE WITH THE BUILDING BLOCKS THAT GO INTO IT,

AND THAT'S THESE ECONOMIC CONCEPTS. AND SO PAY MOST ATTENTION TO

THE CONCEPTS AND THEN THE THEORIES WILL BE A LOT EASIER FOR YOU TO

MASTER.

LET'S TALK ABOUT GRADES. WHAT WE'LL HAVE THIS SEMESTER IS WE'LL

HAVE FOUR EXAMS AND THEN A FINAL. THE TESTS WILL BE MULTIPLE CHOICE,

TRUE/FALSE, THAT TYPE OF THING, OBJECTIVE TESTS RATHER THAN ESSAYS,

AND THOSE TESTS WILL COVER MATERIAL THAT WE DISCUSS IN CLASS AS WELL

AS MATERIAL THAT'S IN THE TEXTBOOK. I'M AN ECONOMIST AND I BELIEVE IN

INCENTIVE, SO WHAT I WANT TO DO IS GIVE YOU AN INCENTIVE TO COME TO

CLASS AND WATCH THE TAPE AS WELL AS TO READ THE TEXTBOOK. SO I'LL PUT

QUESTIONS ON THE TESTS THAT COME FROM THE BOOK, OTHER QUESTIONS

THAT COME FROM CLASS, BUT MOST OF THE QUESTIONS YOU'LL FIND COME

FROM BOTH THE TEXTBOOK AND THE CLASS. AND SO THAT'S WHERE YOU'RE

GONNA RUN INTO MOST OF THIS MATERIAL.

SO WE'LL HAVE FIVE EXAMS COUNTING THE FINAL. THE FINAL EXAM

WILL BE COMPREHENSIVE, AND BY THAT I MEAN THAT IT WILL COVER SORT OF

THE HIGH POINTS OF THE ENTIRE SEMESTER. SO YOU DON'T WANT TO FORGET

ABOUT SOME OF THESE THINGS THAT WE'VE TALKED ABOUT IN THE FIRST

COUPLE OF WEEKS BECAUSE YOU'LL BE HELD ACCOUNTABLE FOR THEM ON THE

FINAL EXAM. YOU AND EVERY OTHER ECONOMICS STUDENT WILL BE TAKING

ABOUT ME TAKING THE TEST NOW?" UNFORTUNATELY, I WON'T BE ABLE TO

ACCOMMODATE THOSE REQUESTS. SO BE SURE THAT YOU PLAN AHEAD. IF YOU

KNOW THAT YOU'RE GONNA MISS THE EVENING CLASS, YOU SHOULD BE SURE

THAT YOU'RE GONNA HAVE YOUR SATURDAY OPEN SO THAT YOU'LL BE ABLE

TO TAKE THE TEST THEN. YOU'LL HAVE A SCHEDULE THAT I'LL BE HANDING

OUT ON THE FIRST EVENING OF CLASS AND THAT WILL TELL YOU WHEN EACH

LECTURE IS GONNA BE AND ALSO I'LL HAVE THAT INFORMATION AT MY WEB

SITE.

LET ME GIVE YOU MY IDEA, AT LEAST, ON HOW TO STUDY FOR A TEST.

AND LET ME SORT OF BEGIN BY SAYING THAT MAYBE MY IDEA IS NOT THE BEST

ONE FOR YOU. IT'S REALLY MORE ALONG THE LINES OF HOW I STUDIED FOR

TESTS WHEN I WAS IN COLLEGE. AND IF YOU FIND THAT SOMETHING ELSE

WORKS BETTER, THAT'S GREAT. BUT IF YOU'RE AT A LOSS AND JUST DON'T

KNOW WHAT TO DO, HERE'S MY IDEA. YOU'RE GONNA DO THE BEST ON THE

EXAM IF YOU ANTICIPATE IN ADVANCE WHAT'S GONNA BE ON THE TEST. AND

WHAT I'M SAYING IS, DON'T JUST COME IN AND SIT DOWN AND GO, "GEE, I

WONDER WHAT'S GONNA BE THERE?" PLAN AHEAD. SORT OF SIT DOWN TWO OR

THREE DAYS BEFORE THE EXAM AND MAKE YOURSELF OUT A LIST AND SAY,

"HERE'S WHAT'S GONNA BE ON THE TEST." AND THEN STUDY VERY HARD.

FOCUS YOUR ENERGIES ON THOSE THINGS THAT YOU'RE CONFIDENT WILL BE ON

THE TEST. AND IF YOU'RE PAYING ATTENTION AND HAVE A GOOD IDEA WHAT

WILL BE ON THE TEST, THEN BY FOCUSING YOUR ENERGIES ON THOSE THINGS

YOU STAND A GOOD CHANCE OF GETTING A GOOD GRADE. NOW, THAT WON'T

GET YOU 100 PERCENT ON THE TEST AND THAT WILL TAKE REALLY A MUCH

BIGGER EFFORT, BUT TO DO PRETTY WELL IN THE CLASS OR ON THE TEST, I

THINK ANTICIPATING WHAT WILL BE THERE IS REALLY THE KEY.

IF I WERE YOU AND I WAS TRYING TO MAKE AN EDUCATED GUESS

WHAT'LL BE ON THE EXAM, WHAT I WOULD DO IS THIS: I'D GET MY CLASS

NOTES AND GO THROUGH THOSE NOTES, YOU KNOW, SINCE THE LAST TEST --

WOULD GO THROUGH THE NOTES AND SAY, "HEY, WHAT HAS BEEN EMPHASIZED

THE MOST?" AND, HYPOTHETICALLY, YOU MIGHT COME UP WITH A LIST OF

TWENTY OR THIRTY THINGS THAT HAVE GOTTEN A GREAT DEAL OF EMPHASIS

FROM THE CLASS DISCUSSION. SO YOU'LL HAVE A LIST OF TWENTY OR THIRTY

THINGS AND, "GOSH, I THINK THAT'S IMPORTANT."

AND THEN GO THROUGH YOUR TEXTBOOK AND DO BASICALLY THE SAME

THING. THERE MIGHT BE ONE OR TWO CHAPTERS WE'VE COVERED FOR THAT

EXAM AND YOU'VE READ THE BOOK, SO GO THROUGH AND MAKE A LIST OF

LET'S SAY TWENTY OR THIRTY THINGS THAT HAVE GOTTEN A LOT OF EMPHASIS

IN THE TEXTBOOK. THEN BRING THOSE TWO LISTS TOGETHER, AND BASICALLY

ANYTHING THAT'S BEEN TALKED ABOUT AND EMPHASIZED IN CLASS AND

EMPHASIZED IN THE TEXTBOOK, AND THAT OUGHT TO MAKE UP YOUR SORT OF

FINAL LIST OF WHAT'S GONNA BE ON THE TEST.

THE TEXTBOOK AUTHOR AND I ARE SUPPOSED TO BE GIVING YOU SOME

HINTS WHAT'S IMPORTANT, AND SO IF WE'VE DONE OUR JOB AND YOU DO YOUR

WHAT I WOULD SUGGEST TO YOU IS YOU HAVE TWO OPPORTUNITIES TO

TAKE EACH ONE OF THESE TESTS -- AS I SAID, ON AN EVENING OR ON A

SATURDAY, THE EVENING OF CLASS AT OUR REGULAR TIME. AND SO, YOU

KNOW, IF THERE'S AN ILLNESS IN THE FAMILY OR YOU'RE ILL, YOU'RE STILL

GONNA BE ABLE TO MAKE THAT OTHER CLASS MEETING AND TAKE THE TEST.

BUT IF YOU SHOULD MISS BOTH OF THOSE, YOU FOR SURE NEED TO CONTACT

ME AND YOU CAN CALL MY NUMBER -- I THINK I MENTIONED EARLIER IT'S 836-

5060 -- AND EITHER TALK WITH ME OR LEAVE VOICE MAIL AND MAKE SURE

THAT I'M AWARE OF WHAT'S GOING ON.

SO IF THERE'S AN EXCUSED ABSENCE, WHAT WE WILL DO IS THIS: I'LL

LEAVE THE GRADEBOOK BLANK FOR THE EXAM THAT YOU MISSED AND THEN

I'LL COME BACK IN AND FILL IT IN WITH WHATEVER PERCENTAGE SCORE YOU

GET ON THE FINAL. IF YOU DO NOT CONTACT ME AND JUST DON'T SHOW UP,

THAT'S AN UNEXCUSED ABSENCE AND THEN YOU WILL GET A ZERO. AND SO I

WOULD CERTAINLY URGE YOU TO STAY IN TOUCH WITH ME IF THERE WAS

SOMETHING PREVENTING YOU FROM COMING TO TAKE THE EXAM.

NOW, AFTER THESE TESTS ARE OVER, YOU'LL WANT TO KNOW YOUR

GRADES AND THERE'S REALLY A COUPLE OF WAYS FOR YOU TO GET THE GRADE

-- I GUESS THERE ARE THREE. ONE WOULD BE WHEN YOU COME IN TO TAKE THE

EXAM, BRING AN ENVELOPE WITH YOUR NAME AND ADDRESS ON IT AND A

STAMP -- PLEASE PROVIDE THE STAMP -- AND A FEW DAYS AFTER THE EXAM IS

OVER I'LL MAIL YOU YOUR GRADE.

A SECOND WAY THAT YOU CAN GET THAT IS TO COME BY MY OFFICE,

USUALLY DURING OFFICE HOURS -- THERE ARE OTHER TIMES THAT I'M AROUND,

OF COURSE, BUT IT MIGHT BE A LITTLE BIT DIFFICULT FOR YOU TO JUST KIND OF

COME BY UNTIL YOU FINALLY CATCH UP WITH ME. YOU CAN CERTAINLY CALL

ME AND MAKE AN ARRANGEMENT TO COME BY IN THE AFTERNOON OR

WHENEVER IS CONVENIENT FOR YOU.

BUT I THINK THE BEST WAY FOR YOU TO GET YOUR GRADE IS TO

E-MAIL ME. I ALWAYS CHECK MY E-MAIL EVERY DAY AND AS SOON AS I HAVE

YOUR GRADE, I'LL BE HAPPY TO SEND THAT TO YOU. AND I WOULD ALSO

ENCOURAGE YOU TO USE THAT E-MAIL JUST TO ASK ME QUESTIONS. I MEAN,

YOU KNOW, IF THERE'S SOMETHING THAT I'VE DISCUSSED IN CLASS OR

SOMETHING IN YOUR TEXTBOOK AND YOU'RE HAVING TROUBLE, THEN SEND ME

E-MAIL. YOU'VE GOT PLENTY OF TIME TO KIND OF WORD THE QUESTION IN

YOUR OWN WAY WHEREAS SOMETIMES JUST ON THE TELEPHONE OR IN PERSON

YOU MIGHT HAVE A LITTLE BIT OF DIFFICULTY PUTTING THINGS IN THE WAY

THAT YOU WANT TO, CLEARLY AND SO FORTH. BUT SEND ME E-MAIL AND I'LL

BE HAPPY TO SEND YOU MY ANSWER.

WE'VE GOT A WEB SITE FOR THE CLASS AND WE'LL BE GOING TO A

COMPUTER HERE IN JUST A FEW MINUTES AND LOOKING AT THAT. I'LL TALK

WITH YOU ABOUT BEARMAIL, THE WEB SITE WHERE YOU CAN SEND MAIL IF

YOU DON'T HAVE YOUR OWN INTERNET SOFTWARE OR E-MAIL SOFTWARE, I

SHOULD SAY. BUT WE'LL BE TALKING ABOUT THAT. BUT LET ME ENCOURAGE

DATE. AND SO, YOU KNOW, DON'T COME IN THE DAY BEFORE CLASS IS OVER

AND SAY, "OH, I WANT YOU TO FIX THIS." I CAN'T DO IT. I DON'T HAVE THAT

POWER. OVER IN THE ADMINISTRATION THEY SET THOSE DATES AND THE

CALENDAR IS SET A LONG TIME IN ADVANCE, AND THE FACULTY JUST LIVES

WITH IT. SO I'M TELLING YOU AT ABOUT A WEEK OR TEN DAYS BEFORE CLASS IS

OVER, IF YOU HAVE NOT BEEN COMING, YOU BE SURE TO GET HERE BEFORE

THAT DAY AND GET ME TO SIGN THAT DROP SLIP.

FINALLY, TO GET THE MOST FROM A TELECOURSE -- YOU KNOW,

STUDENTS TAKING A TELECOURSE ARE -- IN A SENSE THEY ARE AT A

DISADVANTAGE BUT IN ANOTHER WAY THEY HAVE AN ADVANTAGE. THE

DISADVANTAGE IS YOU CAN'T JUST THROW UP YOUR HAND AND ASK A

QUESTION. YOU CAN THROW UP YOUR HAND AND ASK A QUESTION BUT

NOBODY WILL ANSWER. YOU'LL BE SITTING THERE AT HOME WATCHING THIS.

BUT, YOU KNOW, YOU CAN'T GET A QUICK ANSWER TO YOUR QUESTION. WHAT

YOU CAN DO, AS I MENTIONED JUST A MOMENT AGO, IS YOU CAN SEND ME E-

MAIL AND SAY, "HEY, HERE'S MY QUESTION. WHAT'S THE ANSWER?" YOU'LL

GET BACK A PRETTY QUICK ANSWER. BUT THAT IS A DISADVANTAGE. YOU'RE

NOT SITTING RIGHT THERE IN THE CLASS WHERE YOU CAN ASK THE QUESTIONS

LIVE.

HERE'S YOUR ADVANTAGE. THIS IS -- WELL, IT DEPENDS ON THE

SITUATION THAT YOU HAVE. BUT IF YOU'RE WATCHING THIS ON THE

TELECABLE, YOU HAVE AN OPPORTUNITY TO TAPE THIS AND THEN WATCH IT

LATER ON. IF YOU ARE NOT WATCHING ON TELECABLE YOU'VE RENTED THE

TAPES FROM THE BOOKSTORE SO YOU ALREADY HAVE IT ON TAPE. AND SO

WHAT I'M SAYING TO YOU IS, ONE WAY OR ANOTHER PUT THESE LECTURES ON

TAPE AND THEN FIND A TIME THAT'S MOST CONVENIENT FOR YOU -- YOU KNOW,

EIGHT O'CLOCK IN THE MORNING OR TEN O'CLOCK IN THE MORNING. THAT

MIGHT NOT BE CONVENIENT FOR YOU AND THE STUDENTS IN CLASS HAVE TO

BE HERE AT THAT TIME.

SO YOU CAN WATCH THIS AT A TIME THAT'S CONVENIENT FOR YOU,

MAYBE AFTER THE KIDS HAVE GONE TO BED OR ON THE WEEKEND WHEN YOUR

WORK IS NOT KEEPING YOU BUSY. SO YOU CAN WATCH IT AT YOUR

CONVENIENCE AND THEN YOU HAVE THAT PAUSE BUTTON AND THAT REWIND

BUTTON AND THAT FAST FORWARD BUTTON. AND WHAT YOU CAN DO IS

SOMETHING THAT NONE OF THE STUDENTS IN A REGULAR CLASSROOM CAN DO.

YOU CAN HAVE INSTANT REPLAY. YOU CAN WATCH A SEGMENT OVER AND

OVER IF THERE'S SOMETHING THAT'S TROUBLING YOU. AND, YOU KNOW, YOU

SAY, "WELL, WHAT DID HE SAY ABOUT THAT SUBJECT?" AND YOU CAN LISTEN

TO IT UNTIL, YOU KNOW, YOU THINK THAT YOU'VE MASTERED THAT IDEA.

SO WHAT I WOULD ENCOURAGE YOU TO DO IS TAPE THESE LECTURES

AND THEN BE SURE AND MAKE USE OF THE PAUSE AND THE REWIND BUTTONS

SO THAT YOU CAN GO BACK AND SEE SOME OF THESE THINGS THAT MAYBE

HAVE CAUSED YOU A LITTLE BIT OF DIFFICULTY, SOMETHING THAT YOU'VE HAD

TROUBLE WITH. MAYBE WE GET TWO-THIRDS OF THE WAY THROUGH A

WAY STUDENTS DO THAT ARE ATTENDING CLASS LIVE.

AND SO WHAT I'M SAYING TO YOU IS, DON'T TRY TO MAKE THE ATTEMPT

TO JUST KIND OF GET ALL THIS STUFF DONE IN ONE OR TWO DAYS AND THEN

JUST THINK, YOU KNOW, "THAT'S ENOUGH. ALL I HAVE TO DO IS SPEND A DAY

OR TWO WITH THIS RIGHT BEFORE EACH TEST." THAT'S JUST NOT A VERY

EFFECTIVE WAY OF DOING IT. IT'S BETTER THAN NOT WATCHING THE LECTURES

AT ALL. BUT THE WAY TO DO THIS IS, WATCH TWO OR THREE HOURS EVERY

WEEK AND KEEP UP WITH THE MATERIAL. KEEP UP WITH THE READINGS.

YOU'LL KNOW IF YOU'RE HAVING A PROBLEM IN PLENTY OF TIME BEFORE A

TEST SO YOU COULD SEND ME E-MAIL, OR COME SEE ME, OR COME SEE THE

TUTOR. IF YOU DO EVERYTHING AT THE LAST MINUTE, THERE WON'T BE TIME

TO ASK YOUR QUESTIONS AND TO GET AN ANSWER OR TO COME SEE THE TUTOR

OR COME SEE ME. SO KEEP UP WITH IT. MAKE YOURSELF A SCHEDULE AND

STICK WITH THAT SCHEDULE THE BEST YOU CAN.

THAT'S ABOUT ALL I HAVE TO TALK ABOUT RIGHT NOW. WHAT WE WANT

TO DO IS FINISH UP THIS FIRST SEGMENT BY GOING TO THE COMPUTER. WE'VE

GOT AN INTERNET CONNECTION THERE. WE'LL SPEND, OH, JUST FIVE, SIX

MINUTES WITH THAT. I'LL SHOW YOU MY HOME PAGE, HOW TO SEND E-MAIL,

AND A FEW THINGS LIKE THAT AND THEN YOU OUGHT TO BE UP TO SPEED.

OUR NEXT CLASS, WHAT WE'LL DO IS WE'LL HAVE ALL THE STUDENTS

SITTING IN HERE WITH ME AND I'LL BE GIVING THE LECTURE LIVE, AND YOU'LL

BE WATCHING FROM THE BACK OF THE CLASSROOM AND I HOPE YOU HAVE A

GOOD TIME. I CERTAINLY DO. I ENJOY ECONOMICS. I'VE PRETTY MUCH MADE

THAT MY LIFE. I HOPE I CAN BRING SOME OF THE ENJOYMENT, THE

EXCITEMENT THAT I FEEL FROM ECONOMICS -- I HOPE THAT I CAN BRING THAT

TO YOU. IF THERE'S ANYTHING I CAN DO AS THE SEMESTER PROGRESSES, I HOPE

YOU'LL LET ME KNOW. I'M CERTAINLY WILLING TO PUT IN THE EFFORT AND ALL

I WANT IS FOR YOU TO HAVE A SUCCESSFUL EXPERIENCE HERE, GET A GOOD

GRADE, AND COME AWAY WITH SOME KNOWLEDGE ABOUT THE ECONOMY

WORKS.

YOU AND I, ALL OF US, LIVE IN THIS MODERN ECONOMY AND THERE'S NO

WAY WE CAN AVOID IT. WE'RE WORKERS, WE'RE CONSUMERS, WE'RE BUSINESS

OWNERS. AND THAT BEING THE CASE, THE BEST WAY FOR US TO MANAGE OUR

ECONOMIC AFFAIRS IS TO HAVE SOME UNDERSTANDING ABOUT THIS ECONOMIC

ENVIRONMENT IN WHICH WE OPERATE AND THAT'S WHAT I HOPE TO BRING YOU

THIS SEMESTER.

THANKS FOR SIGNING UP FOR THE CLASS AND I HOPE YOU HAVE A GOOD

TIME. SO LONG.