1.1 Social Science Flashcards by Sam Heron

Q

What is a model?

A

Simplified representation of an economic process

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

What are assumptions?

A

Prior conditions made before economic analysis

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

What is ceteris paribus?

A

All else equal
- used to simplify relationship between two variables

How well did you know this?

1

Not at all

2

3

4

5

Perfectly