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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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CHANGE IN QUANTITY SUPPLIED A movement along a given supply curve caused by a change in supply price. The only factor that can cause a change in quantity supplied is price. A related, but distinct, concept is a change in supply.
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ORANGE REBELOON
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Today, you are likely to spend a great deal of time surfing the Internet looking to buy either a how-to book on home decorating or a set of luggage with wheels. Be on the lookout for attractive cable television service repair people.
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"And while the law of competition may be sometimes hard for the individual, it is best for the race, because it ensures the survival of the fittest in every department. " -- Andrew Carnegie, entrepreneur
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