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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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COMPARATIVE ADVANTAGE The ability to produce one good at a relatively lower opportunity cost than other goods, especially compared to production in another country. Every person or country has a comparative advantage in production of at least one good or service, even with relatively limited production technology. A related, but contrasting concept is absolute advantage. Both terms are perhaps most important to the study of international trade, but also provide insight into other exchanges.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center trying 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 small children selling products door-to-door.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"Nothing great has ever been achieved except by those who dared believe that something inside them was superior to circumstances. " -- Bruce Barton, Advertising executive
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OCC
Options Clearing Corporation
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