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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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Lesson 6: Supply | Unit 5: Scarcity
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Page: 18 of 19
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Topic:
Limited Resources
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Supply is directly connected to the scarcity problem, especially limited resources.- Scarcity exists because society has limited resources, but unlimited wants and needs.
- Markets were developed as a means of addressing the problem of scarcity:
- The supply side of the market comes from the 'limited resources' side of the scarcity problem.
- The demand side of the market comes from the 'unlimited wants and needs' side of the scarcity problem.
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NOMINAL GROSS DOMESTIC PRODUCT The total market value, measured in current prices, of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. The key is that nominal gross domestic product is measured in current, or actual prices, the prices that buyers actually pay for goods and services purchased. Nominal gross domestic product is also termed current gross domestic product. A contrasting measure is real gross domestic product, which adjusts for inflation by measuring production at constant prices.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale trying to buy either one of those memory foam pillows or a remote controlled train set. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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IIA
Irrelevance of Independent Alternatives
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