Ceteris Paribus

Remember that economics is a social science. We must deal with an important restriction: we cannot conduct experiments in a laboratory. In this sense, we confront constantly changing variables while seeking to understand the impact of these changes. A useful tool with a weird name helps us conduct economic experiments and build models: ceteris paribus (with everything else remaining constant)

Watch this video on why economists must use ceteris paribus to build models and test theories.