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What Is a Simplified Representation or Abstraction of Reality

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What is a simplified representation or abstraction of reality?


Definitions:

Diffuse Costs

Costs that are spread out over many consumers or taxpayers, making them hard to identify and attribute to any single action.

Median-Voter Model

A theory suggesting that the outcome of majority voting processes will reflect the preferences of the median voter.

Cost-Benefit Analysis

A systematic approach to estimate the strengths and weaknesses of alternatives, assessing the value of costs and benefits to support decision-making.

Paired-Choice Majority Votes

A voting method in which voters choose between pairs of candidates or options, with the majority preference deciding the outcome.

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