"Ceteris Paribus" is a Latin phrase meaning "all other things being equal." It is commonly used in economics to simplify the analysis of how one variable affects another while assuming that other relevant factors remain constant. This allows economists to isolate the impact of a single change, making it easier to understand relationships between variables. For example, when studying the effect of price on the demand for a product, such as apples, ceteris paribus assumes that factors like consumer income, preferences, and the prices of substitutes do not change. This helps in predicting how demand will respond to price changes without the complexity of other influences.