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ECONOMIC PROFIT: The difference between business revenue and total opportunity cost. This is the revenue received by a business over and above the minimum needed to produce a good. In this sense, economic profit is a sign of inefficiency. If a business receives an economic profit, then society (the buyers) are spending more on a good than society (the resource owners) are giving up to produce the good.
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ABSTRACTION Simplifying the complexities of the real world by ignoring (hopefully) unimportant details while doing economic analysis. Abstraction is an essential feature of the scientific method. Hypothesis verification, model construction, and comparative static analysis are not possible without abstraction.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a flower arrangement in a coffee cup for your father or a how-to book on meeting people. Be on the lookout for defective microphones.
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This isn't me! What am I?
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Sixty percent of big-firm executives said the cover letter is as important or more important than the resume itself when you're looking for a new job
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"Managing intellectual assets has become the single most important task of business. " -- Thomas Stewart, author
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BJE
Bell Journal of Economics
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