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ABSTRACTION

Simplifying the complexities of the real world by ignoring (hopefully) unimportant details while doing economic analysis. Abstraction is an essential feature of the scientific method. Hypothesis verification, model construction, and comparative static analysis are not possible without abstraction.

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RED AGGRESSERINE
[What's This?]

Today, you are likely to spend a great deal of time surfing the Internet looking to buy either a birthday greeting card for your uncle or a T-shirt commemorating the 2000 Presidential election. Be on the lookout for defective microphones.
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This isn't me! What am I?

There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
"The human race has only one really effective weapon and that is laughter."

-- Mark Twain

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American Assocation of Small Business
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