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ZONING: Legal restrictions on where different activities can locate within a city. Most cities regulate the location of industrial, commercial, and residential activities. The underlying motivation behind zoning is to keep less desirable, but perhaps more profitable, activities from encroaching upon residential areas.
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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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Three-forths of the gold mined each year is used to manufacture jewelry.
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"No great performance ever came from holding back. " -- Don Greene, motivational coach, former Green Beret
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AACCLA
Association of American Chambers of Commerce in Latin America
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