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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 is a concept in the law which is invoked by the state when it needs to act in the role of a parent to a citizen.Translated, the term means âparent of the nation,â and it has its roots in English common law.hese 10 animal facts will amaze you. Parens patriae is a concept in the law which is invoked by the state when it needs to act in the role of a parent to a citizen. Translated, the term means âparent of the nation,â and it has its roots in English common law.