What have you learned about how markets work and how prices are determined by playing the chips game?
We have just completed a simulation with another mimicking a market in different situations: with a monopoly, a maximum price, unequal amounts of buyers and sellers and so on. Thirty students occupy a class, equal amounts spread on two sides of the room, one side buyers and the other sellers. A market day is a round, and on each round, a teacher goes around giving cards that indicates the price of the product for that round. Our market was the computer chip market.
I have learned that a cohort of students, some that are still tyros in the field of economics with basic knowledge mixed with those who have studied it at a basic level for two years behave similarly to a real-life market, to an extent. Even though the first few rounds were realistic due to the drive and excitement among students, the energy in the room soon dissipated as the rounds went on mirroring something less realistic – which is hard to avoid.
What I have learned economics wise is that as price increases demand from consumers for a product decreases but suppliers supply more. The reason for this is because consumers feel that as price increases their utility for the same product decreases and so demand less. However, suppliers, as price increases, feel that the profit they can make on that product will increase and so supply less.
These kind of market simulations are interesting in the sense that this is exactly what social scientists year to achieve; moreover, our economics teachers have a pool of volunteers to readily perform such experiments.
The topics learned in this six weeks are interesting to think about amalgamated as they make a lot of sense and compliment each other really well. In all, I have taken away a greater appreciation of personal characteristics and needs and time spent thinking and analyzing that when that time would have been used for something else.
Honestly, I think I took the most impact from the optimistic/pessimistic lesson. I always thought that I was quite optimistic and had that attitude, but in reality, I much more fit into the pessimistic side. This surprised me and caused me to reevaluate my thinking. I also find myself relating to the characteristics of optimism and pessimism in my everyday student life; I found it extremely relevant and almost dominant in IB life.
Today we went over for loops. We were asked an interview level question that is asked for computer science applications. It was the popular FizzBuzz question that was used by employers to test computer science applicants ability to test their practical problem solving skills. I enjoyed this type of challenge as the skill level required to accomplish it was not that great and so it was a suitable challenge, I found. Moreover, I could use whatever I had learned so far to try and achieve the result – the trick was what was the most efficient way. I feel that the more I practice these types of challenges the more my general programming knowledge will increase and I will be more seasoned to solve these types of quickly more efficiently and effectively.
I want to try and set an achievable goal to accomplish this and come out a more experienced programmer: I will try and finish one challenge question and watch minimum one tutorial to increase my knowledge on what I can do and code.
These are the websites given to me that I can use:
My name is Shayona, and I have completed the IGCSE CIM & Additional Maths course in Grade 9 to 10; all other maths education has not been for any boards, international or local, but internal, created and executed by UWCSEA.
I think, possibly due to a special focus towards maths in primary/middle school, I have a positive and eager outlook when, say, learning a new branch of mathematics, or facing different types of problems. Diving deeper into previously barely explored topics is something I have been looking forward too for a long time. Starting HL Maths, I predict, will be a journey with its challenges, but I am also sure that what I will learn and accomplish through this course will be immeasurably valuable in my life.
When first learning a new unit I find it necessary for the theories or different style of questions to be explained to me – after gaining confidence I transfer to the other side of the spectrum and appreciate the insight I gain from figuring problems out myself.
When I am “stuck” in mathematics, I find myself seeking help. Being unclear on a method or topic, I find it easier and more productive, instead of working on it longer myself, to utilize online resources or human.
My biggest strength in learning mathematics is that I am organized, diligent and a good communicator. I find that I work methodically, and my working is often clearly expressed which I find helps me when working on an especially challenging problem.
Is there anything else you want your maths teachers to know about you?
I think my speed in mathematics is a concern I have. Either I work too fast and splatter careless errors throughout the page, or I work too slowly, double-checking, rereading the question and my working a dozen times, and run out of time. I hope I find the balance in time.