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ECON 101 Lecture Notes [Full Course] File contains concise, accurate summary of lecture notes taken during the course. Arranged chronologically by date for ease of use. Contains notes from the entire semester.

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University of Waterloo
ECON 101
Larry Smith

thSeptember 9 2008 Econ 101 Change in real wages 20002007 High School07 Associate Degree19 Bachelors Degree 09 Advanced Degree02Number of students enrolled in postsecondary education Canada 1192570 Australia 1012210 China 15186217 France 2119149 Google does not give you access to copyrighted material this is why it does not have the answer to everything Your tuition fee gets you access to proprietary knowledge through the school library Teachers have unsound pensions all it takes it one piece of legislation pushed by the angry taxpayer and your job andor pension is gone Public servants are also at the mercy of taxpayers Even if you work in the military American defense funding ends up in China while American military capabilities deteriorate Macro economicsSocietys achievements MicroeconomicsIndividual achievements InnovationThe greatest career achievement The planet is going up in flames for more than one reason Social networking Facebook was created before computers If you dont make a contribution to society youre a creep How do you make a contribution Create develop deliver etc something that people want and will pay good money for Freely wantnot forced to buy the product Freedom is the best thing you can buy to achieve a big income you need to make a big contribution how often More and more each year Competitive pressure creates longer work hours Employers are looking for ways to make employees work until they drop if he rebels then he endures a marketing pitch trying to make him feel important to the company BlackBerry Companies have discovered however that some people talk so often on their BlackBerry that they stop working The BlackBerry is a powerful solution to an economic problem it combines premium pricing increased productivity and doubles as a status symbol At some level this strategy is doomed however because of the above mentioned BlackBerry obsession Example A student wants to enter the finance industry but falls in love with another student at UW They get married and decide that they want to be a tight knit family meaning that they dont want to work brutal hours The student wanted it all career success AND personal success He decides to create innovation by applying the principals of economics and creates the BlackBerry He stole customers from competitors and deflected competitive pressure To be a successful innovator you have to fine a mistake the other guy makes by doing research In this case the mistake is missing customers the missing customers were rich people who could afford almost anything By pushing hard enough he convinced his boss to let him bring in the missing customers He ended up forging a personal relationship with all these customers and therefore became untouchable in the company because everybody knew that he could lead these missing customers to competitors if he wanted to Example A math student discovers a way to eliminate the risk of loans through complicated formulas derivatives etc and many try to imitate his method In the end however it becomes evident that his innovation is nothing more than a scam A scam which ended up causing huge damage to the American economy Example A coop student working in New York is introduced to the project from hell He is also given a bunch of stupid jobs and in his spare time he decides to fix this disaster project He goes to his boss and offers to show his solution to the projects clients but it patronized The managing partner chews him out for working on this solution during company time He continues to push and eventually they decide to keep his idea as a last resort in the upcoming meeting with the client Through a series of events his idea is brought up in the meeting and after 20 minutes of debate the manager tries to bring the conversation back to what he was talking about earlier but the client stops him He says that he likes the students plan and that he would like to see it implemented After this the student is pushed up to project manager and is told that when he graduates he can choose any of the companys international offices to work in Not a team playerCoop kiss of death Youre only as good as what youve done recently thSeptember 16 2008 ECON 101An enormous amount of people are out to take your job competition from machinery and low wage workers There is currently a global economic distress amongst all the big players
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