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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 2: Economic Science | Unit 5: Cause and Effect Page: 20 of 20

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  • How and why the scientific method seeks to identify the fundamental cause and effect links that constitute scientific principles.
  • Why correlation between events is the first step when identifying cause and effect links.
  • The importance of considering time proximity and time sequence when identifying cause and effect links.
  • How a simple example dealing with the effect of advertising on the production and sales of shoes involves several different cause and effect links.

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DEMAND-DRIVEN BUSINESS CYCLES

Business-cycle instability caused by changes in one or more of the four aggregate demand expenditures on gross domestic production--consumption expenditures, investment expenditures, government purchases, and net exports. This is one of two basic types of business cycles--the other being supply-driven business cycles. Demand-driven business cycles tend to be the more common of the two types.

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Today, you are likely to spend a great deal of time lost in your local discount super center hoping to buy either a box of multi-colored, plastic paper clips or several orange mixing bowls. Be on the lookout for malfunctioning pocket calculators.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
"The roots of education are bitter, but the fruit is sweet."

-- Aristotle, philosopher

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