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ZONING: Legal restrictions on where different activities can locate within a city. Most cities regulate the location of industrial, commercial, and residential activities. The underlying motivation behind zoning is to keep less desirable, but perhaps more profitable, activities from encroaching upon residential areas.
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ABSTRACTION Simplifying the complexities of the real world by ignoring (hopefully) unimportant details while doing economic analysis. Abstraction is an essential feature of the scientific method. Hypothesis verification, model construction, and comparative static analysis are not possible without abstraction.
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ORANGE REBELOON [What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club wanting to buy either a half-dozen helium filled balloons or a packet of address labels large enough for addresses of both the sender and the recipient. Be on the lookout for gnomes hiding in cypress trees. Your Complete Scope
This isn't me! What am I?
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The average bank teller loses about $250 every year.
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"You miss 100% of the shots you never take. " -- Wayne Gretzky, hockey player
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WPO Weakly Pareto Optimal
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