Learn economic and get Latin thrown in free-Ceteris Paribus

What is :

"Ceteris paribus"

Latin expression for "other things being equal."

This term is also used in science, legal context.

The term is used in economic analysis when the analyst wants to focus on explaining the effect of changes in one variable on changes in another variable without having to worry about the possible offsetting effects of still other independent variables on the dependent variable under examination.

For eg : to study effect of price change on the quantity demanded . Will quantity demanded of Pizza Hut pizza increase or decrease if we run a price promotion, ceteris paribus, (ie all things being equal), ie assuming Canadian 2-4-1 did not run a price promotion, or KFC did not introduce new product or there is no rise in incomes etc etc.