Multiple Choice
In the context of economics, what term describes tasks performed by people that customers purchase to satisfy a want or need?
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0. Basic Principles of Economics
Introduction to Economics
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In economics, the phrase 'all other things equal' is commonly referred to as which of the following?
A
Comparative advantage
B
Opportunity cost
C
Ceteris paribus
D
Marginal analysis
Verified step by step guidance1
Understand that the phrase 'all other things equal' is used in economics to isolate the effect of one variable by assuming that all other relevant factors remain constant.
Recognize that this concept is essential for analyzing cause-and-effect relationships without interference from external changes.
Recall the Latin term commonly used in economics to express 'all other things equal,' which is 'Ceteris paribus.'
Compare the given options: 'Comparative advantage' relates to trade benefits, 'Opportunity cost' refers to the cost of the next best alternative, and 'Marginal analysis' involves examining incremental changes.
Conclude that the phrase 'all other things equal' corresponds to the term 'Ceteris paribus' because it explicitly means holding other factors constant during analysis.
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