What is all other things being equal in economics?

"All other things being equal," or "ceteris paribus," is a fundamental assumption in economics used to isolate the effect of one variable on another while holding all other relevant factors constant. This allows economists to analyze relationships between variables, such as supply and demand, without the interference of external influences. By simplifying complex situations, it helps in understanding the potential outcomes of changes in specific variables. However, real-world scenariOS often involve multiple interacting variables, making the ceteris paribus assumption a useful but limited tool.