Budget constraint is an economic theory that explains how consumption is maximized based on a given income. In reality, there are many goods to consume, however this theory limits consumption to only two goods. A budget constraint forces consumers to make choices on how many of good1 or good2 to consume. This means the more a consumer purchases good1 given that income is fixed, the consumer can afford less of good2. A combination of good1 and good2 may be purchased, but they may not exceed the individual’s budget. This theory is important to analyze different consumption bundles and to understand the concept of opportunity cost. Opportunity cost is what an individual gives up when making a decision. In the case of dealing with budget constraint, the opportunity cost will be giving up good2 for more of good1 or vice versa.
The American University of Nigeria (AUN) is an organization based in Nigeria that aims to adequately prepare students for a better future. The primary vision of this organization is to prepare students for university degrees in STEM. In the northeast section of Nigeria, where conflict has been at its peak, millions of children are out of school. However, there is one co-educational private secondary school in Yola, which is painting a brighter future for its students through online learning. Due to the excessive growth in technology, many countries are trying to adapt to a new system of teaching based primarily online. Many students in this school agree with this system, as they wish to see Nigeria have a Chinese style tech revolution.
As highlighted in this article, Nigeria is facing one of the world’s worst learning crises and is in need of a reform. The rapid growth in the country’s population has resulted in an increase in millions of children not in school. There is an estimated 10 million children out of school in the country. Additionally, UNESCO estimated that in 2008, almost a third of men aged 15-29 with just six years of education were illiterate. This shows the inefficiencies of the education system in Nigeria. Additionally, there are not enough books and qualified teachers. In the case of AUN, students at a governmental school in Yola are taught during after school hours and learn with tablet computers. They use apps to improve literacy, numeracy and critical thinking skills. This is what Nigerian sees as a pivotal starting point for greater things to come in the future of Nigerian education.
Most universities in the US have online courses but students seem less interested in taking them or those who do usually drop it after a few weeks. The reason is that most schools discard or underestimate online classes and sometimes the credits for such courses don’t transfer. My sister took an online class for her Masters. During the semester, I watched her interact with the professor and classmates in discussion forums and I was impressed by her approach to the online class.
Online learning is being introduced in Africa to help students learn and take courses whenever they want. GetSmarter, an online education company, has partnered with universities across Africa to create Moocs that are available to thousands of students. Ever since the Mooc was introduced, completion rates have been above 90%, which shows that even in disadvantaged areas, online courses can be a success and can have positive impact on education in the coming years.
For your flipping pleasure: PSFK has posted this Maker's Manual exploring how 3D printers and maker resources are empowering entrepreneurs:
Looking for primary sources to use in your teaching of 9/11? Check out over 3,000 hours of news coverage from September 11, 2001 to September 17, 2011 at the Understanding 9/11 TV News Collection. It contains broadcasts from major U.S. news outlets as well as international news channels (e.g., BBC, CCTV3, CBC, AZT, NHK).
There are also some Vialogues that were created back in 2011 for the 10 Year Commemoration:
I hope that for next year we can lead/participate in activities that result in a more powerful collection of 9/11 vialogues for educators.
A lot of developing countries have provided technology programs for their students as a result of economic growth. In Africa, this is not the case for many students. Actually, university students' enrollment in the STEM subjects is less than 25 percent according to this source. For the most part, STEM subjects and programs contribute to a lot of the jobs in today’s labor market.
In today’s world, it's easier to find jobs related to some of the programs highlighted in the aforementioned link. The world has changed and the labor market is responding to these changes. Nonetheless, this shows that Africa is still lacking developmental skills. As a result, at the high-level forum held by the Government of Senegal and the World Bank in Dakar from June 10-12, distinguished leaders agreed to work together to strengthen technical and scientific skills in Africa.
(Image: via NYTimes.com Blog/Justin Sullivan/Getty Images)
(Alluding to Mr. Cook's extreme football fandom) Do you think yesterday's keynote was a touchdown? If so, why? If not, what missed the mark? Here is a fantastic, short recap from NYTimes.com blogger, Molly Wood.
And here are some of my thoughts from the bits I managed to watch:
- Tim Cook is a measured, masterful presenter, however, I would love to see Apple break-away from the SAME presentation style.
- The new Apple Watch (not iWatch) combines digital and analogue elements beautifully, if on a scale that seems a bit cumbersome for athletes and those with smaller wrists (I assume they are unisex in sizing).
- The new payment model seems compelling if slightly confusing, how is this different than other mobile "wallets" or even Blink? However, I am open to this new payment method and look-forward to trying it!
In recent years, the GPA of students at Ivy League colleges has been at an all time high. In the 1950s, Harvard students averaged a GPA of C+ compared to a GPA of A- in current times. Are students really smarter than before? If not, what is the cause of the rise in GPAs? Ivy League colleges are widely regarded by all as the cream of the crop in terms of student ability. In order to please students and parents, Ivy League colleges have been inflating grades to maintain the status quo. However, this problem is mainly an administrative issue. Failing to keep proper ethical practices is really misleading to the public and employers who are looking forward to hiring new and qualified graduates.
I couldn't help but overhear the session today on "Videos I Wish" and thought I would share this excerpt from a diary of Thomas Edison's that I came across. I have found it slightly depressing yet perpetually inspirational.
Thomas Edison on the invention of filmmaking:
"We might have developed them into a greater commercial circulation if we had kept on—but I was interested in the educational and not the entertainment field. When the educators failed to respond I lost interest. What I had in mind was a bit ahead of the times, maybe. The world wasn’t ready for the kind of education I had pictured.
Maybe I’m wrong, but I should say that in ten years textbooks as the principal medium of teaching will be as obsolete as the horse and carriage are now. I believe that in the next ten years visual education—the imparting of exact information through the motion-picture camera—will be a matter of course in all of our schools.
In Accounting, Inventory is considered an asset. As a result, proper methods are used to assign costs to inventory. The three methods used to assign costs to inventory are LIFO, FIFO, and Average Cost. LIFO simply means Last in, First out. FIFO means First in, First Out and Average Cost is the weighted average cost of the inventory.
The FIFO method (First in, First out), states that items bought first are sold first. Due to rising prices in the economy, selling the first items in inventory tends to lower the Cost of Goods Sold and generate more profit, as shown in the Vialogues below. On the contrary, the LIFO method (Last in, First out), states that items bought last are sold first. By selling the last items first, Cost of Goods Sold tend to increase, which leads to lower profits. Consequently, many companies have shunned from using the LIFO method. Please feel free to watch this Vialogues and ask any question.