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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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Lesson 13: Aggregate Demand | Unit 4: Determinants Page: 16 of 22

Topic: Instability <=PAGE BACK | PAGE NEXT=>

Expenditures by the household, business, government and foreign sector change over time, causing instability in the economy.
  • Economic instability found in complex economies, business cycles, can be traced to shifts of the aggregate demand curve.
  • The ceteris paribus determinants of the aggregate demand curve are those things that disrupt equilibrium, and lead to macroeconomic instability.
Aggregate demand determinants are things, other than the price level, that affect aggregate demand.

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AUCTION

A formal market exchange in which prospective buyers make bids to purchase a commodity. An auction is an effective way of exchanging commodities by bringing together buyers and sellers. Auctions are commonly used to exchange financial instruments, agricultural commodities, personal assets, and works of art. Three notable types of auctions are English, Dutch, and sealed-bid.

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PINK FADFLY
[What's This?]

Today, you are likely to spend a great deal of time touring the new suburban shopping complex looking to buy either a brown leather attache case or car battery jumper cables. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
"No amount of business school training or work experience can teach what is ultimately a matter of personal character. "

-- Truett Cathy, Chick-fil-A Inc. founder

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