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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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Lesson 17: Market Structures | Unit 4: Using Control
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Page: 19 of 23
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- Three other consequences are worth noting:
- Advertising: Advertising is generally intended to provide information about a product or firm and encourage buyers to increase their demand.
- Competition: Firms in the same industry compete with each other for customers.
- Cooperation: Competition can turn to cooperation depending on market structure.
- Political Influence: Different market control along the market structure continuum is often translated into political influence.
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MARGINAL UTILITY OF INCOME The change in utility resulting from a given change in income. This is a specialized case of the general notion of marginal utility, which is simply the change in utility resulting from a given change in the consumption of a good. Marginal utility of income is key to identifying alternative risk preferences, including risk aversion, risk neutrality, and risk loving. These three risk preferences are indicated by three marginal utility of income possibilities, decreasing (risk aversion), increasing (risk loving), and constant (risk neutrality).
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ORANGE REBELOON
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Today, you are likely to spend a great deal of time searching for a specialty store trying to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for cardboard boxes.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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BIS
Bank for International Settlements
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