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IDB: (Islamic Development Bank) A multilateral development financing institution, established to foster social and economic development of it's member countries and Muslim communities world-wide. The functions of the Bank are to participate in equity capital and grant loans for productive projects and enterprises besides providing financial assistance to member countries in other forms for economic and social development. The Bank's principal office is in Jeddah in the Kingdom of Saudi Arabia. The present membership of the Bank consists of 54 countries.

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Lesson 2: Economic Science | Unit 2: Theory Page: 6 of 20

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

Economic theories are abstractions of the real world.

Three ways to abstract:
  • Words. The earliest human method of abstraction was to represent objects with words. Words also represent ideas. But words can have different meanings.
  • Graphs. Pictures, especially graphical pictures. Many economic theories are abstractly represented with graphs. A picture or graph can be less confusing that words.
  • Equations. Graphs are two-dimensional pictures of mathematical equations. Economic theories are often abstractly represented by equations. Equations can represent relationships between three or more things, like that for X, Y and Z:
Y = 3 + 2X - 4Z

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AXIOM

A basic precondition or assumption underlying a theory. Axioms are basic, unverifiable world view assumptions--including personal beliefs, political views, and cultural values--that form the foundation of a theory.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time browsing about a thrift store hoping to buy either software that won't crash your computer or any book written by Stephan King. Be on the lookout for jovial bank tellers.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
"Executives who get there and stay suggest solutions when they present the problems. "

-- Malcolm Forbes, business executive

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