Final answer:
The phrase 'ceteris paribus' translates to 'all other things being equal' and is used to simplify the analysis of complex problems by examining one variable at a time while holding other variables constant.
Step-by-step explanation:
The Latin phrase ceteris paribus, which means 'all other things being equal', is commonly used in various fields of study, including economics, political science, and the social sciences. It is a hypothetical condition where all other variables are held constant to analyze the effect of one particular variable. For example, in evaluating political campaigns, one might use ceteris paribus to isolate the effect of campaign strategy while assuming that factors like resources and support are equal for all candidates. Yet, it is crucial to acknowledge that in real-world situations, achieving this level of equality among factors is nearly impossible due to the complexities and inherent inequalities present in society.