202 Lecture Topics
wk date day  
1 3-Jan tues treat students as adults
when will we run out of oil?
my first house
ghandi on gun control
hitler on gun control
impeachment
4-Jan wed hybrid
5-Jan thur consequences rather than intentions
institutional framework
poverty is a choice
c. thomas quote
alfred marshall quote re: poverty
trade creates wealth out of thin air - voluntary exchange - pattern
  buying a latte
econ is a behavioral science: explanations and predictions
wealth defined
economics and choices
accordian vs guitar
promarket bias
actions reveal preferences
voluntary exchange - buying lunch
question everything I say
6-Jan fri education defined - progressive discovery of our ignorance
will durant, historian
posititve-sum game;zero-sum game;negative-sum game
trade, poker, taxing the rich
question conventional wisdom
transactions costs
markets facilitate trade and thus wealth creation
wto
chinese worker choice
sovereignty
capital defined
profits discussed
factors of production and returns
2 9-Jan mon fundamental assumption: expected marginal costs & expected marginal benefits
mb (x) > mc (x) then act
rationality assumption
actions reveal preferences
profit: a residual claim
what to produce? How to produce it? How to distributed what is produced?
labor-intensive production function, capital-intensive production function
relative prices matter
rationality assumption
adam smith re: butcher, baker…
http://seattlecentral.edu/faculty/jhubert/smith.html
hispanic bank tellers - b of a
normative and positive economics
opportunity costs defined
exploit part-time instructor discussion
public policy steps
10-Jan tues direct foreign investment
scarcity exists
scarcity implies competition
postulates of behavior
diminishing marginal utility, satisfaction,…
u of w applicants
boeing letter
function of the entrepreneur
friedman quote regarding max. profit and society's welfare
incentives and disincentives
11-Jan wed hybrid
12-Jan thur ppc and opp costs
http://seattlecentral.edu/faculty/jhubert/tutoring.html
what is the opposite of free trade?
justice defined
the role of rules
unloading truck
13-Jan fri efficiency = value of output / value of input
allocative efficiency
technical efficiency
consumer and producer surplus defined and graphed
ts = cs + ps
demand
supply
change in quantity demanded
change in quantity supplied
mispricing
surplus, shortage
markets
ability to sacrifice
willingness to sacrifice
the role of government
3 16-Jan mon holiday
17-Jan tues change in quantitiy demanded
change in demand
change in supply
cp conditions for demand
cp conditions for supply
  taxes and subsidies (corp welfare)
tariff
18-Jan wed hybrid
19-Jan thur snow day
20-Jan fri snow day
4 23-Jan mon price ceilings and floors
binding
binding price ceiling on milk
binding price floor 
price elasticity of demand and supply
usury law
minimum wage
24-Jan tues sick
25-Jan wed hybrid
26-Jan thur cp conditions for supply completed
elasticity determinants
drugs and elasticity of demand
http://seattlecentral.edu/faculty/jhubert/pedproblem.html
tr = p X q
income elasticity
cross-elasticity
arc and point calculations
inferior good and income elaticity of demand - public transportation
y designates income in economics
weltanschauung
world view; philosophy of life; a framework
  through which to interpret the world.
minimum wage: which group is harmed?  The most vunerable, those without skills
27-Jan fri circular flow diagram
http://seattlecentral.edu/faculty/jhubert/circularflowdiagram.html
http://seattlecentral.edu/faculty/jhubert/advantage.html
david ricardo (1772 – 1823)
betty the typist
chap 7 - consumer surplus and efficiency
5 30-Jan mon chap 8 - application - the costs of taxation
four economic goals
  full employment
  stable prices
  equitable distribution of income
  econ growth
stock vs flow
national debt: stock
deficit: flow
debt service on national debt
laffer curve
fiscal policy defined
gov't defined: legal power to coerce adults
economic analysis: photos (pictures) rather than a movie
31-Jan tues chap 9 - application - international trade
monetary policy defined
cultural divide - charles murray in wsj
broken window fallacy
  http://www.youtube.com/watch?v=QG4jhlPLVVs
efficiency vs equity: pie chart, ppc
1-Feb wed hybrid
2-Feb thur reading: third industrial revolution
gdp is what is produced
http://seattlecentral.edu/faculty/jhubert/friedman7.html
gnp, gdp, per capita gdp, 
inter-temporal analysis, cross-sectional analysis
military spending, political stability, economic growth and output
north / south korea and us troops 8th army , 2nd infantry division
income defined
psychic income difined
direct foreign investment
chap 10 - measuring a nation's income
3-Feb fri real gdp
gdp = y = c + I + g + nx
c is a function of willingness and ability to consume, disposable income, wealth, etc.
the role of inventories
I is a function of real interest rates, expectations, etc.
government has no money of its own: must borrow or tax from households, businesses or row
implicit equations: c = f(disposable income, wealth, expectations,…)
6 6-Feb mon potential gdp - actual gdp = gap
my first computer, calculator
inflation defined
helicopter example
liquidity defined
recession defined
nber
business cycle
  peak, trough, contraction and expansion phases
business cycle - secular trend
primary and secondary mortgage market
7-Feb tues current prices vs constant prices
nominal vs real
gdp deflator = (nominal / real) x 100
chap 11 - measuring the cost of living
jh 1967 salary homework
cpi
producer price index
fisher effect
real vs nominal interest rates
interest defined
loan term, principal
perceived default risk 
9-Jan thur mt exam review
10-Feb fri mt exam