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December 14, 2018 

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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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FACE VALUE: The stated, or face, value of a legal claim or financial asset. For debt securities, such as corporate bonds or U. S. Treasury securities, this is amount to be repaid at the time of maturity. For equity securities, that is, corporate stocks, this is the initial value set up at the time it is issued. Face value, also called par value, is not necessarily, and often is not, equal to the current market price of the asset. A $10,000 U.S. Treasury note, for example, has a face value of $10,000, but might have a current market price of $9,950. The difference between face value and current price contributes to the yield or return on such assets. An asset is selling at a discount if the current price is less than the face value and is selling at a premium if the current price is more than the par value.

     See also | legal claim | financial asset | corporate bond | Treasury security | corporate stock | maturity | yield | discount | premium | yield to maturity | coupon rate | current yield | present value |


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FACE VALUE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: December 14, 2018].


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MARKET FAILURES

Imperfections in the exchange process between buyers and sellers that prevent markets from efficiently allocating scarce resources. Market failures come in four varieties -- public goods, market control, externalities, and imperfect information. Market efficiency is achieved if the value of goods produced is equal to the value of foregone production. Markets fail when this efficiency condition is not achieved. Such failures can only be corrected by government intervention.

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Today, you are likely to spend a great deal of time at a garage sale hoping to buy either decorative celebrity figurines or a flower arrangement with anything but tulips for your grandfather. Be on the lookout for the last item on a shelf.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
"In order to create there must be a dynamic force, and what force is more potent than love."

-- Igor Stravinsky, violinist

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