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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.
