138-class-road.pdf - ARE 138 Class road-map Armando Rangel...

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ARE 138: Class road-map Armando Rangel Colina 2018-feb-02 Hi folks! Several students have talked to me and asked what is the best way to study for the midterm. These students feel that the format of this class is very different to what they are used to and are not sure how approach the exam. So, I set out to make a hand-out of what I think are some key ideas and concepts that you should definitely understand. The purpose of this hand-out is to help you folks with the preparation for the midterm. This is not meant as a substitute of your class notes but rather as a complement to them. I hope this hand-out will give you folks a bird’s-eye view of the topics covered in the course so that it is easier to make connections between the topics and, therefore, answer the midterm’s questions more effectively. This is, by no means, an exhaustive list of the relevant material covered in class, so I would still recommend going over your class notes. Finally, I have highlighted in bold face terms that I think are key concepts and I placed in italics key terms that relate to those concepts. I recommend you put special effort in learning what these terms mean, you can look up your class notes or try a Google search to try and find the definition. 1 Road-map 1.1 Where do they come from? The name of our course is International Commodity and Resource Markets, and as the name hints, we are here to learn about their operation, relevant characteristics and key participants. To begin learning about international commodity markets, we need to under- stand where are they coming from. That is why some of the first classes Professor Williams focused on the key features that allowed their creation. Some of the key concepts we covered were fungibility, technology and infrastruc- ture and innovation in business practices . Fungibility allowed for an easier exchange of commodities as well as property titles of commodities . Technology and infrastructure allowed for actual exchange to take place between different parties. For instance the tele- graph allowed for communicating prices while railroads allowed for easier shipping of the merchandise. Innovation in these three areas allowed for extend of commodity markets to grow and eventually reach and international level.
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