All Other Things Being Equal
🔍 Definition: All other things being equal (or ceteris paribus in Latin) is a term used in economics and philosophy that means assuming all other variables remain the same when considering changes in one specific variable.
Synonyms and Related Terms:
- Ceteris paribus
- Holding constant
- Assuming no change (in other factors)
Antonyms:
- Chaotic factors
- Multifactorial changes
- Unrestricted flow
In Usage:
“When comparing oranges to apples, we assume all other things being equal to focus solely on their color and taste.”
Witty Quote:
“Life would be easier if we could assume all things equal, but where’s the fun in that chaos-free existence?” – E.Q. Thal
Similar Proverbs and Expressions:
- “All things considered…”
- “Assuming no other variables…”
References in Literature, Movies, and Music:
- Book: Freakonomics by Steven D. Levitt and Stephen J. Dubner – Discusses many scenarios assuming ceteris paribus in social sciences.
- Movie: A Beautiful Mind – Examines scenarios with mathematical logic assuming variables are constant.
- Song: “The Scientist” by Coldplay – “Nobody said it was easy”; real-world complexity often evades the ceteris paribus clause.
- Poetry: The Road Not Taken by Robert Frost – Contemplates outcomes if other variables stayed the same.
Inspirational Thought:
In the wild experiment that is life, rarely do things remain equal. Embrace the variables and learn from the unpredictable – that’s where true discovery lies.
Hasta la vista equal bunnies – until we hypothesize again! 🌟
### Which of these refers to assuming other factors remain unchanged?
- [x] All other things being equal
- [ ] All oceans raising tides
- [ ] Every monkey swinging
- [ ] Each planet spinning independently
> **Explanation:** "All other things being equal" (or ceteris paribus) is indeed the correct term that means assuming only one factor is changing while others remain constant.
### What does "ceteris paribus" mean?
- [x] All other things being equal
- [ ] All variables creating an uproar
- [ ] Each theory proving wrong
- [ ] Only specific hypothesis being considered
> **Explanation:** "Ceteris paribus" is a term borrowed from Latin, meaning "all other things being equal," so we can focus on one variable.
### True or False: Economists often use the phrase "all other things being equal."
- [x] True
- [ ] False
> **Explanation:** True. Economists use "all other things being equal" to analyze how changes in one variable affect others while assuming other conditions unchanged.
