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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.
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DIVISION OF LABOR A basic economic notion that labor resources are used more efficiently if work tasks are divided among different workers. This allows workers to specialize in production as each becomes highly skilled at specific tasks.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale seeking to buy either hand lotion, a big bottle of hand lotion or a lighted magnifying glass. Be on the lookout for telephone calls from long-lost relatives.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"One worthwhile task carried to a successful conclusion is worth half-a-hundred half-finished tasks. " -- Malcolm S. Forbes, publisher
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AIFT
American Institute for Foreign Trade
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