Ceteris paribus
What Ceteris paribus means in Economics A-Level, as defined for AQA.
Definitions of Ceteris paribus
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Reference: AQA
An assumption relied on heavily by economists as a theoretical substitute for physical laboratory controls, since variables cannot be perfectly isolated.
The assumption that all other things are equal, meaning all other variables remain constant when analysing the relationship between two variables.
The assumption that the relationship shown by the demand curve holds only when all other influencing factors remain constant.
The crucial assumption of all other things being equal, used to isolate relationships between variables in economic models.
All other things being equal, used when explaining the relationship between price and quantity supplied.
Topics that use Ceteris paribus
- Economic methodology (AQA A-Level)
- The determinants of the demand for goods and services (AQA A-Level)
- The determinants of the supply of goods and services (AQA A-Level)
- The determination of equilibrium market prices (AQA A-Level)
Related terms
- Average variable cost
- Conditions of demand
- Disequilibrium
- Economic modelling
- Economic shocks
- Effective demand
- Equilibrium
- Excess demand
Using Ceteris paribus in the exam
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