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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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THRIFT INSTITUTIONS Non-profit depository financial institutions that were originally established to provide limited banking services, often to specific groups, that were not adequately offered by traditional banks. The three primary thrift institutions are credit unions, savings and loan associations, and mutual savings banks. In recent decades these thrift institutions have broaden the range of financial services, especially offering checkable deposits, and thus operate as banks. In particular, that come under the same monetary policy regulation as traditional banks.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center looking to buy either a toaster oven that has convection cooking or a birthday gift for your mother. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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This isn't me! What am I?
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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"Look at everything as though you were seeing it either for the first or last time. Then your time on earth will be filled with glory." -- Betty Smith, Novelist
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IARA
Increasing Absolute Risk Aversion
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