Ceteris Paribus is a Latin phrase meaning 'all other things being equal.' It is a fundamental concept in economics used to isolate the relationship between two variables by holding all other influencing factors constant.
The consumption function is a mathematical relationship between the level of consumption and the level of income. It posits that consumption is greatly influenced by income.
General Equilibrium Analysis is a complex and systematic theoretical model in economics that includes all markets simultaneously and is used to examine relationships among markets.
Rational expectations refer to the hypothesis in economics that individuals make decisions based on their best available information, forecasting future economic variables as accurately as possible.
