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OTHER THINGS EQUAL: A common assumption used in economic analysis that often goes by the technical Latin term, ceteris paribus. This assumption is used when identifying the relation between two specific variables, such as price and quantity for the law of demand. In so doing, the causal connection between the two variables can be identified. However, economic analysis becomes more interesting and useful when this assumption is relaxed, which makes it possible to examine how these "other things" affect the relation under study.
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ECONOMICS A social science that studies the allocation of limited resources used to produce the goods and services that satisfy unlimited consumer wants and needs. Economics is one of several social sciences (others are sociology, political science, and anthropology) which applies the scientific method to human behavior. The distinguishing feature of economics is a concern with the fundamental problem of scarcity--unlimited wants and needs and limited resources. Economics is commonly divided into two branches--macroeconomics and microeconomics.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a flower arrangement with anything but tulips for your grandfather or a birthday greeting card for your mother that doesn't look like a greeting card. Be on the lookout for crowded shopping malls.
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This isn't me! What am I?
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Sixty percent of big-firm executives said the cover letter is as important or more important than the resume itself when you're looking for a new job
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"Think not of yourself as the architect of your career but as the sculptor. Expect to have to do a lot of hard hammering and chiseling and scraping and polishing. " -- B. C. Forbes, founder, Forbes magazine
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JLEO
Journal of Law, Economics and Organization
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