PreparED Study Materials
EC 397: Markets & Development
School: Boston University
Number of Notes and Study Guides Available: 1
Notes
Videos
Barter to Money: How Double-Coincidence of Wants Evolved Trade
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Explore the historical barter system and its challenges, particularly the double-coincidence of wants. Witness how the need for simpler transactions led societies from direct barter to embracing mediums of exchange like money.
Price Effect in Economics: Navigating Income & Substitution Dynamics
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Explore the nuances of the price effect in economics, focusing on the income and substitution effects. Understand through real-life scenarios how these phenomena influence consumer spending patterns. Gain insights into the intricate dynamics of consumer responses to price shifts.
Price Elasticity: Mid-Point Method & Its Practical Significance
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Grasp the essentials of price elasticity of demand through various calculation methods. Dive deep into the unique and consistent mid-point method, understanding its relevance in fluctuating markets. Learn its practical application in analyzing market dynamics.
Unraveling Economic Equations: From Price Level to Velocity of Money
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Discover how to calculate the price level and velocity of money using real-life data. Understand the relationship between money supply, GDP, and prices in the economy. Gain insights into the Federal Reserve's strategies for managing inflation and price stability.
Ceteris Paribus: Simplifying Complex Economic Analyses & Predictions
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Discover the role of "ceteris paribus" in economics, a foundational assumption simplifying analyses. Understand its application in variable isolation, policy analysis, and model building. Gain insights into how economists use this tool for clarity in complex scenarios.
Market Economy Pros & Cons: Balancing Benefits with Shortcomings.
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Discover the intricate workings of a market economy, highlighting its notable advantages such as efficiency and innovation, and addressing the critical challenges like income inequality and market failures. Understand the balance between market and non-market elements in global economic systems.