I hope someone can tell me if there is a formal, or technical, English word or phrase that describes the result of summarising a complicated (technical, or obscure, apply equally well here) idea into a much simplified colloquial (but equivalent) phrase?
For example, "too big to fail" is a colloquial label for a technical theory that suggests some firms pose a risk to financial stability by virtue of their very large size, relative to other firms, and their interconnectedness within the economy. To the extent that, letting them fail is potentially more problematic than the possible moral hazard created by using public money to rescue such firms.
Is "too big to fail" described as an abbreviation? I also thought of "sound-bite", but I know that is incorrect, as it does not capture the equivalence of the label and the technical idea it represents.
Not a very good example, I know. English is not my first language, so apologies if this question has an obvious answer.