What is the meaning of Ceteris Paribus?

Ceteris Paribus is a commonly used phrase in economics which is used to completely ignore the effects of other factors apart from the one which is being under consideration which signifies the special causal relation between two variables. The phrase theoretically means ‘all other things being unchanged or constant’. It is basically a Latin phrase and is critical in the study of cause and effect relationship between two specific variables while all other relevant factors which also influence the same variables being considered constant. Mutatis Mutandis is the contrasting phrase which means changing some factors which need to be changed while not altering the main point under review.