Ceteris paribus Flashcards
1
Q
What is ceteris paribus?
A
-the idea of all other things being equal
-the effect one economic variable has on another
(If you do one thing, what will happen next)
2
Q
What is a positive statement?
A
-a statement that can be supported with evidence and facts
3
Q
What is a normative statement?
A
-a statement that is value based and involve opinions
