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Definition of Ceteris Paribus. Ceteris Paribus is a Latin phrase meaning âall other things remaining equalâ. The concept of ceteris paribus is important in economics because in the real world it is usually hard to isolate all the different variables.
Parens Patriae Definition: â¢ Don't miss the comprehensive, companion article Parens Patriae - The Wildcard of a Court's Inherent Jurisdiction Over Children. A British common law creation whereby the courts have the right to make decisions concerning people who are not able to take care of themselves.