The meaning of 'ceteris paribus' & what are they?

Question

The meaning of 'ceteris paribus' & what are they?

Answer 1

It means 'other things being equal'. For example, if the price of petrol goes up, people use less cars. This may hold true, ceteris paribus. For example (and this is just hypothetically speaking), a new form of technology could come in where cars run on electricity instead of petrol.

Therefore, even if the price of petrol increased, everything else did not remain equal.

We use ceteris paribus as a sort of framework in economics, understanding that everything else rarely, if ever remains equal.

Answer 2

All other things equal

Answer 3

it means all other things equal. usually when you are comparing to thing in say economics and you want to know how a higher price effects demand. you would say ceteris paribus. so people only come up with answer that include the price level and how it effect demands. you couldn't say that it wouldn't effect the demand if people were geting higher salaries or something random like that