Welcome to Welker’s Wikinomics Page – Economics Chat
I’m having an interesting experience at this very moment. It’s 10 pm the night before my 35 AP students sit for four hours and twenty minutes of Economics examinations tomorrow. I am in my own bedroom in my own apartment, having a real time review session with about 15 of my students. No, I have not crossed some taboo line of teacher/student boundaries, rather we have all gathered online on our class Wiki page to review together for tomorrow’s exams.
This is amazing, not only is the Wiki a place where kids can come to review content from an entire semester of Economics, but they can also chat with their classmates and their teacher, discuss and ask for clarification on concepts they’re struggling with, go over practice questions and review together from their own homes! This has me thinking I’ll never need to hold another weekend review session in my classroom again. In fact, in a way the Wiki has become not only a complement to, but a substitute for the traditional classroom! Hey, maybe next year I’ll set up a review session in Second Life… then again, maybe not. Here’s what AP Economics sounds like in “chat speak”:
NIckZ: if a dude goes to a bank that’s newly opened and deposited 10,000. RR is 10%. so then 1000 would be required reserve, 9000 is loaned out correct?
vivar: k hold on
Ash: yeah
Mr. W: sure
vivar: if the reserve ratio is 10% and the bank voluntarily holds back another 10%, would the money multiplie be 1/20% or 1/10%?
Ash: i think 1/10%
NIckZ: money multiplier is the same. but u jst minus the loans by how many extra u have as reserves now
Ash: because money multiplier is 1/RR right?NIckZ: yeah
gabber795 has joined. gabber795 is now Jacky vivar has left.
NIckZ: so lets say a guy saves 10,000. so 10% is required, 9000 can be loaned out. but he wants to s ave another 1000, so then loans is only 8000
Jacky: Mr Welker, do we need to know aggregate expenditure?
NIckZ: i dont think so. we didn’t really do that
Jacky: aite
roger: thanks nick. I’m leaving. bye all
roger has left.
Mr. W: Goodnight, and good luck
NIckZ: i was gona watch that movie, but i lost it
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Jason Welker is a teacher at Zurich International School in Switzerland, where he teaches Advanced Placement and International Baccalaureate Economics. Jason was an international school student in Malaysia before studying economics at Seattle University then earning his Masters in Education. In addition to maintaining an economics wiki and this blog for economics student and educators, Jason also gives presentations on using Web 2.0 tools in education at workshops and conferences around the world. His economics wiki won the 2007 "Best Educational Wiki" award from the "EduBlog Awards".
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What app did you use for the wiki chat room? I think that would be great to add to my classroom wiki. Fantastic ideas!