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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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SOCIAL SCIENCE

The scientific study of society--of human behavior and of social interactions. Economics is one of several social sciences. Others are sociology, political science, and anthropology. Economics is considered a social science because it seeks to explain how society deals with the scarcity problem.

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APLS

WHITE GULLIBON
[What's This?]

Today, you are likely to spend a great deal of time surfing the Internet wanting to buy either several orange mixing bowls or clothing for your pet dog. Be on the lookout for telephone calls from former employers.
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This isn't me! What am I?

A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
"Nobody can be successful unless he loves his work. "

-- David Sarnoff, TV pioneer

BOJ
Bank of Japan
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