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July 12, 2025 

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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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TRUST: An organizational structure that gives control over several business firms, usually in the same industry, to a single board of trustees with the purpose of monopolizing a market. This type of trust was outlawed by antitrust laws, especially the Sherman Act, passed in the late 1800s and early 1900s. The Standard Oil Trust, controlled by J. D. Rockefeller and dismantled through the Sherman Act, is perhaps the most famous monopoly trust. The use of a trust to establish a monopoly is really just an extension of the common, and legal, notion of trust, in which one person controls the assets legally owned by another. Legal trusts are frequently established for the assets or wealth owned by children. Parents then control this wealth until the children reach a give age (usually 21 years old).

     See also | monopoly | antitrust | antitrust laws | Sherman Act | Clayton Act | Federal Trade Commission Act | collusion | merger |


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ABSOLUTE ADVANTAGE

The general ability to produce more goods or services using fewer resources. A person or country has an absolute advantage in production largely due to superior technology or greater technical efficiency. A related, but contrasting concept is comparative advantage. Both terms are perhaps most important to the study of international trade, but also provide insight into other exchanges.

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Today, you are likely to spend a great deal of time touring the new suburban shopping complex trying to buy either several magazines on home repairs or a remote controlled sports car with an air spoiler. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
"What gets measured gets done."

-- Peter Drucker, educator

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