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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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CAPITAL STOCK, AGGREGATE SUPPLY DETERMINANT One of several specific aggregate supply determinants assumed constant when the aggregate supply curves (both long run and short run) are constructed, and which shifts the aggregate supply curves when it changes. An increase in the capital stock causes an increase (rightward shift) of both aggregate supply curves. A decrease in the capital stock causes a decrease (leftward shift) of both aggregate supply curves. Other notable aggregate supply determinants include the technology, energy prices, and the wages. Capital stock comes under the resource quantity aggregate supply determinant.
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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a flower arrangement with daisies and carnations for your uncle or a coffee cup commemorating next Thursday. Be on the lookout for slightly overweight pizza delivery guys.
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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"Nothing is a waste of time if you use the experience wisely. " -- Auguste Rodin, Sculptor
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LIFO
Last In First Out
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