Monthly Archive: May 2015

Economics: The Law of Demand

Now that we’ve talked about economics, microeconomics, and macroeconomics, let’s talk about the Law of Demand. Since we are talking about laws, we have to talk about this new term that you will see every time you read about economics. It is ceteris paribus. It means, “all things being equal.” Like in sports, the field has to be as separated as possible from the watchers. Baseball players would find it very hard to play a good game with the watchers running around the field. Everything is ceteris paribus in the baseball field because nothing else is happening inside the field...