|
|
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.
Visit the GLOSS*arama
|
|

|
|
|
PRICE CEILING A legally established maximum price that is imposed on a market BELOW the price that otherwise would be achieved in equilibrium. A price ceiling is placed on a market with the goal of keeping the price low, presumably based on the notion that the equilibrium price is too high. If imposed on a competitive market free of market failures, a price ceiling creates a shortage, or excess demand.
Complete Entry | Visit the WEB*pedia |


|
|
BROWN PRAGMATOX [What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either a weathervane with a cow on top or a box of multi-colored, plastic paper clips. Be on the lookout for mail order catalogs with hidden messages. Your Complete Scope
This isn't me! What am I?
|
|
|
John Maynard Keynes was born the same year Karl Marx died.
|
|
|
"Always make a total effort, even when the odds are against you." -- Arnold Palmer
|
|
JIE Journal of Industrial Economics
|
|
|
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
|

|