|
|
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.
Visit the GLOSS*arama
|
|
|
|
|
INNOVATION PROFIT Economic profit, the difference between the total revenue received by a firm and the total opportunity cost of production, that is attributable to innovation, the initial application of new products, technologies, or ideas. Innovation profit is one of two sources of economic profit. The other is monopoly profit that arises due to market control. The generation of innovation profit is an important incentive that by rewarding individual innovative behavior enables society-wide benefits from the resulting innovations.
Complete Entry | Visit the WEB*pedia |
|
|
PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials wanting to buy either several magazines on fashion design or a package of 3 by 5 index cards, the ones without lines. Be on the lookout for a thesaurus filled with typos.
Your Complete Scope
This isn't me! What am I?
|
|
|
Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
|
|
|
"All things are difficult before they are easy." -- Thomas Fuller, Physician
|
|
LPG
Liquid Petroleum Gas
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
