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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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GOLDSMITH BANKING An analysis of banking functions based on the semi-realistic activities of the goldsmith profession of Medieval Europe. Because the gold used a production inputs by goldsmiths was also used as money, they developed many modern banking functions, including maintaining deposits, making loans, keeping reserves, and creating money. While the story of goldsmith banking is often embellished for instructional purposes, it does contain the essence of how goldsmiths operated as banks.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway trying to buy either throw pillows for your bed or a package of blank rewritable CDs. Be on the lookout for slightly overweight pizza delivery guys.
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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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"Act well at the moment, and you have performed a good action for all eternity." -- Johann Kaspar Lavater
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AFA
Advertising Federation of America
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