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CETERIS PARIBUS: A Latin term meaning that all other factors are held unchanged. The ceteris paribus assumption is used to isolate the effect one economic factor has on another. Without this assumption, it would be difficult to determine cause and effect in the economy. Relaxing the ceteris paribus assumption is the primary analytical technique used in the study of economics, especially when analyzing the market. Much like a chemist adds one chemical at a time to a mixture to determine the resulting reaction, an economist relaxes one ceteris paribus assumption at a time to observe the results.

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Lesson 12: Elasticity and Demand | Unit 3: Measurement Page: 13 of 25

Topic: Slope And Elasticity <=PAGE BACK | PAGE NEXT=>

  • At first glance, it would seem that a demand curve with constant slope would also have constant elasticity. But this is apparently NOT the case. Why?

    • First and foremost, slope measures the change of price relative to a change in quantity.

    • Second, but also important, slope is measured in specific units (cents per minute), whereas elasticity is measured as percentage changes, with no specific units.

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EMPLOYMENT-POPULATION RATIO

The ratio of employed persons to the total civilian noninstitutionalized population 16 years old or older. Also termed the employment rate, the employment-population ratio is used as an alternative to the unemployment rate as an indicator of the utilization of labor resources.

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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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