Ceteris paribus

Imagine you have a toy box filled with all kinds of toys. You have a toy car, a doll, a puzzle, and many other toys. Now, imagine that you only want to play with one toy at a time. You also want to compare the toys to see which one you like the most. This is where ceteris paribus comes in.

'Ceteris paribus' is a fancy Latin phrase that means 'all things being equal.' It is used to compare two or more things when everything else is constant, or the same. In our example, everything else in the toy box is the same, but one toy is different.

For instance, imagine you start by only playing with the toy car. You play with it for a while and learn all about it. Then, you decide to compare the toy car to the doll. Since you want to make a fair comparison, you need to keep everything else in the toy box the same. This means you have to put the toy car away before playing with the doll.

Similarly, suppose you want to compare the toy car to the puzzle. You must keep everything else in the toy box the same, so you need to take the doll away before you start playing with the puzzle.

In summary, ceteris paribus means comparing two or more things while keeping everything else the same. It ensures a fair comparison and helps us isolate the effect of one specific factor.