ceteris paribus definition econ
Term ceteris paribus Definition: A Latin term meaning that all other factors are held unchanged. The ceteris paribus assumption is used to isolate the effect one economic factor has on another.
Ceteris Paribus is a Latin phrase meaning âall other things remaining equalâ. The concept of ceteris paribus is important in economics because in the real world it is usually hard to isolate all the different variables.