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July 5, 2025 

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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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CONCENTRATION RATIO: The proportion of total output in an industry that's produced by a given number of the largest firms in the industry. The two most common concentration ratios are for the four largest firms and the eight largest firms. The four-firm concentration ratio, as such, is the proportion of total output produced by the four largest firms in the industry and the eight-firm concentration ratio is proportion of total output produced by the eight largest firms in the industry.

     See also | industry | firm | market share | market control | four-firm concentration ratio | eight-firm concentration ratio | oligopoly | monopolistic competition | market structure |


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CONCENTRATION RATIO, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 5, 2025].


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SHORT-RUN AGGREGATE SUPPLY

The total (or aggregate) real production of final goods and services available in the domestic economy at a range of price levels, during a period of time in which some prices, especially wages, are rigid, inflexible, or otherwise in the process of adjusting. Short-run aggregate supply, commonly abbreviated SRAS, is one of two aggregate supply alternatives, distinguished by the degree of price flexibility. The other is long-run aggregate supply. Short-run aggregate supply is combined with aggregate demand in the short-run aggregate market analysis used to analyze business-cycle instability, unemployment, inflation, government stabilization policies, and related macroeconomic topics.

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APLS

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[What's This?]

Today, you are likely to spend a great deal of time watching infomercials looking to buy either a genuine fake plastic Tiffany lamp or a microwave over that won't burn your popcorn. Be on the lookout for high interest rates.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
"Plans are only good intentions unless they immediately degenerate into hard work."

-- Peter Drucker, management consultant

ACCR
Annual Cost of Capital Recovery
A PEDestrian's Guide
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