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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 20: Oligopoly | Unit 2: Structure
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Page: 9 of 24
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- The structure of most oligopoly markets is characterized by entry barriers.
- A definition:
- Entry barriers are natural or artificial restrictions on the movement of resources into an industry which limits the number of competitors.
- The prime entry barriers are:
- Start-up Cost
- Resource Ownership
- Decreasing Average Cost
- Government Authorization
- Trade Restrictions
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KEYNESIAN MODEL A macroeconomic model based on the principles of Keynesian economics that is used to identify the equilibrium level of, and analyze disruptions to, aggregate production and income. This model identifies equilibrium aggregate production and income as the intersection of the aggregate expenditures line and the 45-degree line. The Keynesian model comes in three basic variations designated by the number of macroeconomic sectors included--two-sector, three-sector, and four sector. The Keynesian model is also commonly presented in the form of injections and leakages in addition to the standard aggregate expenditures format. This model is used to analyze several important topics and issues, including multipliers, business cycles, fiscal policy, and monetary policy.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either arch supports for your shoes or an AC adapter that works with your MPG player. Be on the lookout for strangers with large satchels of used undergarments.
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This isn't me! What am I?
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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"Never let the fear of striking out get in your way. " -- Babe Ruth
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RATS
Regression Analysis of Time Series (software)
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