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ABSTRACTION: Simplifying the complexities of the real world by ignoring (hopefully) unimportant details while doing economic analysis. Abstraction is often criticized because it's, well, it's JUST NOT REALISTIC. However, when done correctly (ignoring things that JUST DON'T MATTER), then the pursuit of knowledge is greatly enhanced by abstraction. For example, when travelling cross country along a high-speed interstate highway, a paper road map is a handy tool. It shows towns and cities along the way, the major intersections, rest stop locations, and other important points of interest. However, it ignores unimportant details. It doesn't realistically show the location of every tree, bush, or blade of grass. Why bother? This information won't enhance your road trip.
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GAINS FROM TRADE The combination of consumer surplus and producer surplus obtained by buyers and sellers when engaging in a market exchange. Gains from trade arise because buyers are typically willing and able to pay a higher price to purchase a good than what they end up paying and because sellers are typically willing and able to accept a lower price to sell a good than what they end up receiving. Both sides of the market exchange are thus better off, have a net gain in welfare, by making the trade. While all types of market exchanges generate gains from trade, this topic is perhaps most important for an understanding of international trade.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at a flea market trying to buy either a how-to book on meeting people or clothing for your pet iguana. Be on the lookout for strangers with large satchels of used undergarments.
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This isn't me! What am I?
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In the early 1900s around 300 automobile companies operated in the United States.
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"When we do the best we can, we never know what miracle is wrought in our life or in the life of another. " -- Helen Keller, lecturer, author
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ICSID
International Center for the Settlement of Investment Disputes
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