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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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DEMAND DETERMINANTS Five ceteris paribus factors that affect demand, but which are assumed constant when a demand curve is constructed. They are buyers' income, buyers' preferences, other prices, buyers' expectations, and number of buyers. Changes in the demand determinants cause shifts of the demand curve and disruptions of the market.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center seeking to buy either a flower arrangement with daisies and carnations for your uncle or a coffee cup commemorating next Thursday. Be on the lookout for poorly written technical manuals.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"In every man's life there lies latent energy. There is, however, a spark that, if kindled, will set the whole being afire, and he will become a human dynamo, capable of accomplishing almost anything to which he aspires. " -- James Cash Penney, retailer
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AEC
Annual Equivalent Costs
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