Lecture Notes on MONEY‚ BANKING‚ AND FINANCIAL MARKETS Peter N. Ireland Department of Economics Boston College irelandp@bc.edu http://www2.bc.edu/~irelandp/ec261.html Chapter 3: What Is Money? 1. Meaning of Money 2. Functions of Money Medium of Exchange Unit of Account Store of Value 3. Measuring Money Theoretical Measures Empirical Measures Federal Reserve’s Monetary Aggregates This chapter begins by defining money in basic terms. It then discusses the various functions of money in the economy
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E-mail : faizah@leadership.edu.my‚ 1. Yap receives a weekly allowance of $20 from his parents that he uses to purchase two goods: Pokemon cards (which cost $5 per pack) and comic books (which cost $4 each). Draw Yap’s budget constraint. Show what would happen if Yap’s parents lower his allowance to $15 per week. Does the opportunity cost of a comic book change? The budget constraints are shown below. When Yaps allowance falls‚ the budgetconstraint shifts in but keeps the same slope
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A CONSUMER’S CONSTRAINED CHOICE Summary Economists almost always assume that consumers are rational maximizers. This chapter spells out the characteristics of rational maximizing consumers and develops a set of tools to analyze their decision-making process. People are complex and their preferences differ dramatically‚ but economists make three simplifying assumptions that seem consistent with consumer behavior. We assume that preferences are complete and transitive‚ and that more is better
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Armchair Economist By –Steven E. Landsburg Reviewed by Table of Contents About The Book 1 About the Author 2 Review 3 Book Summary 4 What life is all about? 4 The Power of Incentives: How Seat Belts Kill 4 Rational Riddles: Why Rolling stones sell out? 4 Truth or Consequence: How to split a check or choose a movie 5 The Indifference Principle 5 The Computer Game of Life 5 Good and Evil 5 Telling Right from Wrong – The pitfalls of Democracy. 6 Why Taxes are Bad? 6
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1- Historical overview of Olive Oil industry In Spain Olives have been an important agricultural product in Spain for a long time. In "The Olive Industry of Spain‚" published in the April 1936 edition of the journal Economic Geography‚ the author‚ William E. Bull‚ outlines the history of olive oil production in Spain up to that point. The Romans encouraged the planting of olive orchards after their occupation of the Iberian Peninsula in 206 B.C. Although the olive industry decreased in production
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truth? Plato: I have left “the cave” that you are all living in. I have climbed out and can see the light of the world while you can only see the shadows that are cast on the wall. Ibn Tufayl: What do you mean by shadows? Plato: The shadows are the base level of understanding in our world and that is what most people will ever see. Galileo: Would you say that the bible are some of those shadows?
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Analysis of “But What Do You Mean?” Deborah Tannen has written several books and many articles on the importance of communications in social and business relationships. In the essay “But What Do You Mean” Deborah focuses on many of the communication rituals found in the work environment and how they’re viewed differently between men and women. Deborah’s views tend to unfairly paint men as the aggressor and women the innocent victims in the workplace. It begs the question‚ are men just mean and women
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will look at two main groups of economists: the neo Classical Economists and the Keynesian Economists. Classical economists generally think that the market‚ on its own‚ will be able to adjust while Keynesian economists believe that the government must step in to solve problems. A neoclassical economy is an approach that economics use that relates supply and demand to an individual’s rationality and his or her ability to maximize utility or profit. Neoclassical economists argue that firms buy or rent
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What do sociologists mean when they talk about ‘society’? There are different types of sociologists so each of those will have different theories on what ‘society’ is. Some of the types of sociologist is: a typical sociologist‚ feminists‚ functionalists‚ marxist new rights. The simplest way of describing what society is – a group of people who share a defined territory or culture. This is people who live amongst each other but people usually stereotype different parts of society. A typical sociologist
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Production and Operation Management Chapter One: an introduction What do we mean by POM? POM is the management of operation system within the organization‚ which converts inputs into the organization’s products and services. Discuss the relationship between POM and other organization’s functions? Three basic functions in a typical business organization: - Finance - marketing - production operations The production operations integrates with marketing and finance to accomplish
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