Ceteris Paribus is a phrase used in economics that makes economic analysis simpler. In essence, Ceteris Paribus means ‘other things equal’. With regards to economics, it assumes that other influencing factors are held constant.
Ceteris paribus is where all other variables are kept equal. For example, if the price of Coca-Cola falls, ceteris paribus, its demand will increase. Ceteris paribus means that other factors are not considered, or are considered to remain constant. Pepsi may react and reduce their prices as well, which may mean demand remains unchanged.