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You will only get credit for this lab if the TA checks you off for the lab assignments listed below.
The purpose of this project is to familiarize yourself with the basic concepts of electricity, specifically including voltage (V), current (I), resistance (R), and power. The first three are related by Ohm's law:
For example, if a voltage of 5V is placed across a 1000 Ohm (1 KOhm) resistor, the resulting current is 0.005A (0.005 Amps) or 5mA (five milliAmps). On the other hand, if we measure a current of 10mA flowing through a 2K Ohm resistor, we can deduce that the voltage is 20V.
A physical analogue to these quantities is often made with water pipes. Voltage is analogous to the difference in height between two points connected with a pipe, current to the flow in a pipe, and resistance to the narrowness of the pipe. As the height difference between two ends of a pipe increases (voltage between two ends of a resistor), so does the pressure, causing a greater flow (current). Using a narrower pipe (more resistance) will reduce the flow (current) for a given voltage.
Resistors come in a wide variety of resistances. Most resistors are color-coded to indicate the rated resistance (which may be up to 20% different from the actual resistance). A variety of web resources give the translation, including http://webhome.idirect.com/~jadams/electronics/resistor_codes.htm.
Power is the product of voltage and current:
Batteries and power supplies are generally designed to provide a constant voltage, up to a maximum current. As the current approaches this maximum, the voltage will begin to drop. This is generally destructive and should be avoided at all costs (or you may have to pay the cost to replace the battery or power supply!). A wire is designed to have very low resistance, and therefore if a voltage is placed across a wire we have a short circuit, drawing as much current as the voltage source is able to supply. Short circuits are also to be avoided at all costs, since they cause the above-mentioned destructive maximum current draw. In such a situation with high current and non-zero voltage, the electrical power consumption becomes very high. This power is converted to heat (some resistances, such as filament lightbulb, convert significant amounts of electrical power to light, but most electrical resistors simply convert electrical power to heat power). This heat can be hazardous by causing burns or fires.
High voltage can also be hazardous, but most of the voltages used in the lab are 5V or less, which is not hazardous. However, even such low voltages can produce sparks, which can cause burns or other problems. It is best to connect everything first with the power turned off, then use a switch to turn on the power to the equipment. Switches are designed to avoid or contain sparks.
There are many applications of Ohm's law. This project aims to familiarize you with two of them, namely power consumption by electrical heating, and voltage dividers.
If you turn on an electrical stove, it gets hot. The elements in the stove have relatively low resistance, and the voltage across them (110V) is relatively high. As a result, a high current flows through the elements, and large amounts of electrical power are converted to heat. This heat leaves the electrical element and heats the pot on the stove.
Lab Assignment:
Connect the 100-Ohm resistor between the power and ground outputs of a 5V power supply.

Lab Assignment:
The symbol at the left stands for a battery (or a power supply), with the longer lines (on top in this and most diagrams) marking the positive side. The symbols at the bottom stand for ground, which is defined as the zero-volt level. All grounds in such a diagram are assumed to be connected to all other grounds, though when actually building a circuit you will have to make sure that in fact they are connected by an actual physical wire. Frequently this ground is represented by a triangle with the vertex downwards, whereas the power supply can be represented by a triangle with the vertex upwards (in which case the battery is omitted). The power supply is frequently referred to as Vcc (Voltage -- Continuous Current, what we usually call DC or Direct Current), as in the following figure, representing the same circuit as above:

This kind of voltage divider is most interesting when R1 or R2 can be varied. In this case, a change in resistance results in a change of voltage. This change in resistance is not linear -- doubling the resistance does not double the voltage. However:
Lab Assignment: