Google
Tuesday 
June 19, 2018 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
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.

Visit the GLOSS*arama

Most Viewed (Number) Visit the WEB*pedia

Lesson 1: Economic Basics | Unit 2: Doing Economics Page: 4 of 18

Topic: Science and Policy <=PAGE BACK | PAGE NEXT=>

The study of economics involves both scientific investigation and policy analysis.

Economists practice both:

  • Positive economics, which uses the scientific method to uncover the basic mechanism of the economy. It seeks to describe the way this world is ARE.
  • Normative economics, which is the policy side of economics. It seeks to prescribe the way the world SHOULD BE.

Course Home | Lesson Menu | Page Back | Page Next

IMPLICIT COST

An opportunity cost that does not involve a monetary payment or any other form of compensation. The monetary payment that is often made to compensate the person who initially foregoes the satisfaction is not made for implicit cost. There is no payment to transfer the burden of the opportunity cost from the original person to someone else. Implicit cost is also occasionally termed implicit opportunity cost.

Complete Entry | Visit the WEB*pedia


APLS

GREEN LOGIGUIN
[What's This?]

Today, you are likely to spend a great deal of time going from convenience store to convenience store looking to buy either several orange mixing bowls or clothing for your pet dog. Be on the lookout for vindictive digital clocks with revenge on their minds.
Your Complete Scope

This isn't me! What am I?

Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
"The will to win is important, but the will to prepare is vital. "

-- Joe Paterno, football coach

M3
M2 plus investment types of near monies, including large denomination certificates of deposits, institutional money market deposits, and longer term repurchase agreements and Eurodollars
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2018 AmosWEB*LLC
Send comments or questions to: WebMaster