MBSK002 Daily Lessons
 Check here for updates. January 2, 2003
Before coming to class, we would like you to review Economics Example Problems. Study the styles of thinking (verbal, spatial, and symbolic) to determine which way you learn -- or prefer to learn. The goal of the course is to help you become more comfortable using all three styles.
To help you with your coursework, we have posted videos and example problems for Days 1 - 7. Each video runs approximately ten minutes. If you need help viewing or listening to videos, viewing PDF files, or downloading free plug-ins, Click Plug-ins and Video Tips. Click your Back button to return to this page.
To review your questions by telephone, send me an email with your telephone number and a good time to call you. Be as descriptive as possible in identifying the problem. Identify factors such as the videos you need help with, type of problem (image, sound, other), time of day the problem occurs, type of access (modem or high speed), operating system (PC or Mac), location (on campus, at home, or at the office), and so on. Thank you.
~ Pati
|
Day 1
Arithmetic Review
Subscripted Variables, Order of Operations, and Summation Notation
Part I
Part II
These videos present the power of moving from verbal thinking (with words) to symbolic thinking (with formulas) by using algebra -- a symbolic language.
They introduce basic vocabulary used with subscripted variables and summation notation to help you write and interpret symbolic statements. They also demonstrate how to translate words into symbols and symbols into words. These skills will help you will gain efficiency in expressing problems verbally and quantitatively.
To successfully solve quantitative problems you will need to know the order of operations -- what step to do first, second, and so on. The videos illustrate how to solve equations by using PERAMDAS (the order of operations -- parenthesis, exponents, radicals, absolute value, multiplication, division, addition, subtraction).
Economics -- Using Verbal, Spatial, & Symbolic Thinking
|
Day 2
Descriptive Statistics
Overview
Videos and Example Problem
These videos discuss descriptive statistics (using data to create information), inferential statistics (using information to create knowledge), statistics and parameters, sample and census, constants, true average, sample average, random variable, true mean, data, standard deviation, average deviation, and Chapter 4 from The Decision Making Book.
Probability Using Venn Diagrams (Sets)
Venn Diagrams & Tables
This video introduces you to Venn diagrams. It will show you how to use them in different formats (circles and tables) for categorizing and counting. We included another video on Venn diagrams for Day 3 to show you how to use them in conditional probability and targeted marketing problems.
Arithmetic Sequences
This section introduces you to basic Finance notations, terminology, and concepts.
Notations
Superscripts (t vs. n): Some disciplines use the superscript t to indicate time (number of years, months, and so on); other disciplines use the superscript n. The videos in this section use both references interchangeably.
Subscripts: An and an mean two different things.
For An, you should sum (add) the first n terms. For A3, you would add the first 3 terms in a sequence of terms. Given the sequence, 7, 12, 17, 22,
For an, you should find the nth term in a sequence of terms. Given the sequence 7, 12, 17, 22,
|
Day 3
Algebra Word Problems -- 1 and 2
Intro to Four Types of Probability
Probability Using Tree Diagrams
Video and Example Problem
Videos and Example/Practice Problems
These videos discuss algorithms, tree diagrams (decision trees), probability, and decision making under risk. If you are working with a problem that involves stages or steps, think about using a tree diagram. For information on PrecisionTree software for producing tree diagrams (decision trees), go to Using Decision Analysis Software. (Note: You are not required to use PrecisionTree software for this course. However, you may want to explore it for use in future courses.)
Probability Using Venn Diagrams (Sets)
Video and Example Problem
This video discusses Venn diagrams, categorizing, conditional probability, and targeted marketing. (See Day 3 for a video on using different formats to set up a Venn diagram.)
|
Day 4
Algebra Word Problems -- 3 and 4
Geometric Sequences
Alpha & Beta Errors
Video and Example Problem
This video discusses alpha and beta errors, statistics, decision making under risk, the Two Error Model of Classical Statistics, Type I and Type II Errors, and systems thinking.
Independent Events
The videos below will be discussed in the example and practice problems to be added.
Video Part I
Video Part II
Example and Practice Problems (to be added)
|
Day 5
Expected Value
Expected Value
This video discusses expected value, observed averages, reasoned out averages, opinion averages, true averages, random variables, random variables of interest, mean, probability distributions, and standard deviation.
Ratio and Proportion
Graphing a Straight Line & Interpreting the Slope
|
Day 6
Unit Conversion (Currency Conversion)
Algebra Factoring Rules
Computing Simple and Compound Interest
This section continues with additional basic Finance concepts introduced in Day 2.
Simple Interest
Simple Interest Formula
Compound Interest
We are in the process of correcting the Power of Compounding (Introduction) video. An error appears at approximately 4:40. In the table of numbers presented, for 30 years, the value of the account should be $300,000; for 40 years, the value of the account should be $930,000. The values of the changes should be adjusted accordingly.
Power of Compounding, Introduction
Power of Compounding, Interest Rate
Power of Compounding, Graphing
Visualizing Compounding, Part I
Visualizing Compounding, Part II
Continuous Compounding, Part I
Continuous Compounding, Part II
|
Day 7
Factorials and Counting
Example and Practice Problem (to be added)
|
Your questions, comments, and concerns are important. Please review them with your instructors. If you feel an S3C helpline would be beneficial, please email the Site Coordinator.
|
|