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VERIFICATION: The hypothesis-testing step of the scientific method. Once an hypothesis is derived from a theory, it must be compared with real world data. This is the verification step. This verification can lead to support or refutation of the hypothesis. Enough support enables a hypothesis to become a principle. Refutation calls into question the theory implying the hypothesis.

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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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Today, you are likely to spend a great deal of time strolling through a department store wanting to buy either a wall poster commemorating the first day of winter or blue cotton balls. Be on the lookout for neighborhood pets, especially belligerent parrots.
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A half gallon milk jug holds about $50 in pennies.
"It is not the mountain we conquer, but ourselves. "

-- Sir Edmund Hillary, Explorer

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