ILO:
a) Thinking like an economist: the process of developing models in economics, including the need to make assumptions
b) The use of the ceteris paribus assumption in building models
c) The inability in economics to make scientific experiments
a) Thinking like an economist: the process of developing models in economics, including the need to make assumptions
b) The use of the ceteris paribus assumption in building models
c) The inability in economics to make scientific experiments
Economics as a social science
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Explain why in economics you can not make scientific experiments. (5 marks)
Covid-19: why the economy could fare worse than you think | The Economist
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Below is a revision video that explains the term ceteris paribus and explains its use in exams:
The Ceteris Paribus Assumption
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