ceteris paribus

Latin expression commonly used in the field of economics meaning other things being equal.
Because of the many variables and factors that affect an economy, simplified economic models can be constructed by declaring that all other things remain equal while only a few dynamic variables exist: ceteris paribus.

Almost everyone, including many economists, pronounces this term "set-er-iss pair-ih-biss." In Latin, c's are pronounced hard (like k's) and the a is short, so the proper pronounciation is "ket-er-ees pahr-i-bus." Pronounce it properly, and you can derive smug satisfaction from being just that little bit more sophisticated than other students of economics.