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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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CERTIFICATES OF DEPOSIT Interest-paying bank accounts maintained by traditional commercial banks, credit unions, savings and loan associations, and mutual savings banks that stipulate a fixed interest rate and the length of maturity before the funds can be withdrawn. Certificates of deposit (CDs) pay a higher interest rate than regular savings accounts, but the funds cannot be withdraw at the full interest rate until the maturity date. These are one of two types of time deposits. The other is savings deposits. Certificates of deposit, along with savings deposits and other near monies, are added to M1 to derive M2.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius seeking to buy either a how-to book on building remote controlled airplanes or an extra large beach blanket. Be on the lookout for poorly written technical manuals.
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This isn't me! What am I?
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More money is spent on gardening than on any other hobby.
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"If you don't know where you are going, any road will get you there." -- Lewis Carroll, writer
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FRS
Federal Reserve System
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