What is the status quo in economics?

In economics, the status quo refers to the preference point obtained from the economy's current state, and it's emotionally biased. The status quo is used as a reference point, and any change on the baseline is alleged to be a loss. Moreover, it's known to predict the performance of the economy in a specific country. Besides, it affects the thinking of individuals hence influencing their decision making the economy. An example of the status quo is the economic state of a specific class in the market.