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RESOURCE MARKET: A market used to exchange the services of resources labor, capital, and natural resources. The value of services exchanged through resource markets each year is measured as national income. Compare financial market, product market.

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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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GRAY SKITTERY
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Today, you are likely to spend a great deal of time searching for a specialty store wanting to buy either throw pillows for your bed or a package of blank rewritable CDs. Be on the lookout for pencil sharpeners with an attitude.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
"Nothing ever built arose to touch the skies unless some man dreamed that it should, some man believed that it could, and some man willed that it must. "

-- Charles Kettering, inventor

WLLN
Weak Law of Large Numbers
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