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PATENT: The guaranteed ownership and control of an invention, innovation, or production technique by government for a period of time (currently 17 years). A patent gives the owner the exclusive rights to sell, market, license, or otherwise generate revenue from an invention, innovation, or production technique. Patents are designed to encourage inventions and other developments that promote technological advances. However, they are also an entry barrier and lead to market control.

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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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APLS

GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time watching the shopping channel wanting to buy either pink cotton balls or a genuine down-filled comforter. Be on the lookout for fairy dust that tastes like salt.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
"Be a yardstick of quality. Some people aren't used to an environment where excellence is expected. "

-- Steve Jobs, Apple Computer co-founder

AVC
Average Variable Cost
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