Economics as a Social Science Flashcards

1
Q

What does ceteris paribus mean?

A

Other things being equal. It is an assumption used in economic model to examine the effect of one factor on the economy, when all other factors remain equal.

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2
Q

What is an economic model?

A

A simplification of economic reality, used to explain concepts and test theories.

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3
Q

What is economics?

A

The study of how people satisfy unlimited wants with scarce resources.

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