Eli5: What does ceteris paribus means?

Question

I cannot, for the love of god, read “other things constant” and understand what it actually means.

In: 8

Answer 1

I started to give a 10 dollar bill to my nephew every Christmas. On the 10th Christmas, my nephew will have 10, 10 dollar bills, ceteris paribus. Sounds straight forward right? It means **we assume no other variables** like my nephew might spend the money or get robbed or eats it.