YEOJU TECHNICAL INSTITUTE IN TASHKENT DEPARTMENT OF ECONOMICS DISCIPLINE OF «INTERNATIONAL ECONOMIC RELATIONS(1)» Topic 1: Introduction. Тype of lesson: Lecture Time: 3 hours Teacher’s name: Aziz Rakhmonov e-mail: a.raxmonov@ytit.uz Subject Code: Baccalaureate direction code: Form of education: Semester: Number of credits: MAB055 IER Full time 3 3 © Yeoju Technical Institute in Tashkent Class 1 Lectures Important Tips for Class Keep up right from the beginning. Why?: Each new concept requires a solid understanding of what was taught previously. Attend lectures. Why?: Exams will focus primarily on material presented in lecture. Class 1 Grades Midterm Exam: 30% Final Exam: 50% Class attendance & In-Class Presentation: 20% NO EXTRA CREDITS Class 1 Other Business Main Textbook: International Economics: Trade and Finance by Dominick Salvatore, 11th Edition, Wiley 2013 - 2016 Office Hours: 14:00 – 16:00 on Friday and by Appointment My Office: Second Floor # 206 Rules on Group Presentations Grouping: Students are asked to make a team of 5-6 teammates (to be determined later, depending on the size of class), with multiple nationalities, and to present any topic related to international trade. Proposal: deadline: November 2. subject to change Each team needs to submit its proposal, with information of (1) grouping, (2) topic, and, (3) work division, by Nov 6th (T) in class. Presentation Dates: Nov 27, Dec 4 and 11. Subject to change Rules on Group Presentations Presentation: Every teammate needs to participate in presentation. Every team is required to upload its presentation file on the Blackboard by one day before the presentation day. Click ‘Discussion Board’ and ‘Student Materials’ and upload its file. Contents: How well organized; key points/facts/lessons; how to utilize what we learned from class; and how to apply theories to the topic Presenters are NOT supposed to just read. It is also important for each team to manage time. Each team has 30-35 minutes to present its topic. Students are asked to actively participate into discussion. Every team is NOT required to write its term paper. Class 1 Using Graphs and Formulas Using Graphs and Formulas (Cont.) Graphs of One Variable Market Shares in the U.S. Automobile Market Using Graphs and Formulas (Cont.) Graphs of One Variable (Cont.) Time-Series Graphs Using Graphs and Formulas (Cont.) Graphs of Two Variables Plotting Price and Quantity Points in a Graph Using Graphs and Formulas (Cont.): 2 variables Slopes of Lines Slope Calculating the Slope of a Line Slope Change in value on the vertica l axis Δy Rise Change in value on the horizontal axis Δx Run Δ Price of pizza ($ 12 $14 ) 2 0.2 Δ Quantity of pizza (65 55 ) 10 Using Graphs and Formulas (Cont.): 2 variables Positive and Negative Relationships Graphing the Direct Relationship between Income and Consumption Spending Using Graphs and Formulas (Cont.): 2 variables Linear Equation A common form of a linear equation in the two variables x and y is: y = a + bx b determines the slope of that line, and the constant term a determines the point at which the line crosses the y-axis, otherwise known as the y-intercept. Using Graphs and Formulas (Cont.): 2 variables Slopes of Nonlinear Curves The Slope of a Nonlinear Curve Using Graphs and Formulas (Cont.) Formulas Formula for a Percentage Change Percentage change ( Value in the second period - Value in the first period ) x 100 Value in the first period Using the growth of Gross Domestic Product (GDP) as an example: GDP2004 GDP2003 x 100 GDP2003 Using Graphs and Formulas: Formulas (Cont.) Formulas for the Areas of a Rectangle and a Triangle Showing a Firm’s Total Revenue on a Graph Area of a rectangle base x height Using Graphs and Formulas: Formulas (Cont.) Formulas for the Areas of a Rectangle and a Triangle The Area of a Right Triangle Area of a right triangle 1/2 x base x height Using Graphs and Formulas (Cont.) Formulas: Summary of Using Formulas - Whenever you must use a formula, you should follow these steps: Make sure you understand the economic concept that the formula represents. Make sure that you are using the correct formula for the problem you are solving. Make sure that the number you calculate using the formula is economically reasonable. For example, if you are using a formula to calculate a firm’s revenue and your answer is a negative number, you know you made a mistake somewhere.