Examlex
What term is used to describe the following communication: Teacher: "What are you playing with, Carl?" Carl: "He's playing ball."
Other-Things-Constant Assumption
The assumption, when focusing on the relation among key economic variables, that other variables remain unchanged; in Latin, ceteris paribus.
Rational Self-Interest
Each individual tries to maximize the expected benefit achieved with a given cost or to minimize the expected cost of achieving a given benefit.
Economic Actors
Individuals, companies, and organizations involved in the production, distribution, and consumption of goods and services.
Economic Model
A simplified representation of economic processes, used to understand and predict economic behaviors by focusing on key variables and their relationships.
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