Examlex
The basic assumption of ethical theory is that a person as an individual or community is in control of all the factors that influence the choices that he or she makes.
Ceteris Paribus
A Latin phrase meaning "all other things being equal," used in economics to analyze the effect of one variable on another while holding other relevant factors constant.
Economic Variables
Quantitative measures that represent a characteristic of the economy or a part of the economy, influencing or describing economic activity.
Positive Economic Analysis
An objective approach to economics that focuses on describing and explaining economic phenomena without making normative judgments.
Fallacy of Composition
Erroneous view that what is true for the individual (or the part) will also be true for the group (or the whole).
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