Do you know that the word: “Ceteris Paribus” or cēterus (“the other”) + paribus (equal) is derived literally from Latin? Literally meaning “with other [things] being equal” or “other things being equal”.Ceteris Paribus is one of the most commonly used words in economics and often the key underlying assumption to many of the existing economics analysis.
This term was characterized by Sir Alfred Marshall who was one of the most influential economists of his time and is known as one of the founders of economics along with Adam Smith.
Now, let’s learn from Harry and say the word: “Ceteris Paribus (not Avada Kedavra)” to welcome the National Day – hope all things being equal through this long weekend i.e no extra homework, no exam!
Jeffrey Teo is the principal economics tutor of AceYourEcons, who specialise in getting JC student’s grades from S/U to A. He believes that learning Economics should be fun and applicable in real life. As such, he deploys many real life examples in his classes to make relevance to the course work of Economics.
Graduated from Nanyang Technological University with a Second Upper Honours in Economics, he has also obtained an “A” for A-Level Economics. He has also attended half a year of Economics courses at Shanghai Jiao Tong University. He is thus familiar with both JC and Polytechnic Economics coursework. His accolades can be seen here.
Jeffrey applies his tested and proven “ACE” methodology:
♠ A – Application of Economic Knowledge and examples on Singapore’s context
♠ C – Clarify with explanations and diagrams
♠ E – Evaluation and displaying of higher order thinking skills in both Data Response Questions and Essays.