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ABSTRACTION METHODS: Abstraction is the process of simplifying the complexities of the real world by ignoring (hopefully) unimportant details, especially (for our purposes) while doing economic analysis. Three common methods of actual, real world abstraction used in economic theories are words, graphs, and equations. Words can be misunderstood. Graphs are a little more precise. And equations tend to be the most precise of the three.
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RESOURCE ALLOCATION The process of distributing resources for the production of goods and services which are then distributed for the satisfaction of wants and needs and human consumption. This is also commonly referred to by the single word "allocation." The resource allocation process is an essential part of an economy's effort to address the problem of scarcity
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials looking to buy either a genuine down-filled pillow or one of those "hang in there" kitty cat posters. Be on the lookout for attractive cable television service repair people.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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"Give the American people a good cause, and there's nothing they can't lick. " -- John Wayne, actor
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BIS
Bank for International Settlements
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