Consider the relationship between the price of gas and the quantity of gas consumed by drivers. If we are to consider the price of gas as the only factor affecting the quantity of gas consumed, while holding other factors such as drivers' incomes and tastes and preferences irrelevant, then we are invoking:

Explanation:This is a term used in economics to understand other functions such as the law of demand and supply. Ceteris paribus is taken from a Latin phrase meaning 'all other things remaining constant.' In economics ceteris paribus is used when assuming that all other variables apart from those under scrutiny, are held constant

Why Is It Important in Economics?

It is a useful term in economics because in the real world it may be hard to separate all variables and their influence on each other. It is used to rule out other factors that may have an effect on the variable that one wants to check or study .

"If we are to consider the price of gas as the only factor affecting the quantity of gas consumed, while holding other factors such as drivers' incomes and tastes and preferences irrelevant," this is where the term criteria paribus is applied