Latin Lesson : ceteris paribus

ceteris paribus : other things being equal or holding everything else constant or everything else the same.

This phrase is used after economic statements in which what has been said could change if we didn't hold other factors constant. Thus, it's a VERY important phrase to put on the end of economic claims because there can be many effects from different variables in this subject.

For example, we should say, "the quantity demanded of beef will go up if the price falls, ceteris paribus", because there are other reasons why quantity demanded could increase. These include a new study celebrating the health benefits of beef, a higher population in the country or an increase in the price of lamb.