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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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FACTOR DEMAND ELASTICITY The elasticity of a factor demand curve is affected by four items: (1) the price elasticity of demand for the good produced, (2) the production function technology and elasticity of marginal physical product, (3) the ease of factor substitutability, and (4) the share of the factor's cost relative to total cost. Changes in any of these four items cause the price elasticity of factor demand to change. In other words, the quantity of factor services demanded becomes more or less sensitive to changes in the factor price.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale hoping to buy either a how-to book on the art of negotiation or a flower arrangement for your aunt. Be on the lookout for broken fingernail clippers.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"If you don't have time to do it right, when will you have time to do it over?" -- John Wooden, Basketball coach
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ISIC
International Standard Industrial Classification
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