|
|
ABSTRACTION: Simplifying the complexities of the real world by ignoring (hopefully) unimportant details while doing economic analysis. Abstraction is often criticized because it's, well, it's JUST NOT REALISTIC. However, when done correctly (ignoring things that JUST DON'T MATTER), then the pursuit of knowledge is greatly enhanced by abstraction. For example, when travelling cross country along a high-speed interstate highway, a paper road map is a handy tool. It shows towns and cities along the way, the major intersections, rest stop locations, and other important points of interest. However, it ignores unimportant details. It doesn't realistically show the location of every tree, bush, or blade of grass. Why bother? This information won't enhance your road trip.
Visit the GLOSS*arama
|
|
|
|
|
INFLEXIBLE PRICES The proposition that some prices adjust slowly in response to market shortages or surpluses. This condition is most important for macroeconomic activity in the short run and short-run aggregate market analysis. In particular, inflexible prices (also termed rigid prices or sticky prices) are a key reason underlying the positive slope of the short-run aggregate supply curve. Prices tend to be the most inflexible in resource markets, especially labor markets, and the least inflexible in financial markets, with product markets falling between the two.
Complete Entry | Visit the WEB*pedia |
|
|
PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store seeking to buy either clothing for your pet dog or an ink cartridge for your printer. Be on the lookout for letters from the Internal Revenue Service.
Your Complete Scope
This isn't me! What am I?
|
|
|
Lombard Street is London's equivalent of New York's Wall Street.
|
|
|
"Nothing ever built arose to touch the skies unless some man dreamed that it should, some man believed that it could, and some man willed that it must. " -- Charles Kettering, inventor
|
|
ICC
International Chamber of Commerce
|
|
|
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
|
|
