What does the Latin expression ceteris paribus mean?

all other things being equal

What happens to demand when we drop the ceteris paribus rule?

What happens to demand when we drop the ceteris paribus rule? The entire demand curve can shift.

What are the 2 variables needed to calculate demand?

What are the two variables needed to calculate demand? The price of product and the quantity available at a given point in time.

Who makes most basic decisions in a centrally planned economy?

In a Centrally planned economy, also known as a command economy, the central government controls the factors of production and answers the three basic economic questions for all of society.

Who introduced the concept of utility?

Daniel Bernoulli

Who is the father of utility theory?

2.1 Historical Development of the Idea of Utility Figure 2.1. A. Adam Smith (1723–1790), who first drew the distinction between “value in use” and “value in exchange.” B. Jeremy Bentham (1748–1832), who is generally credited as the “father” of modern utilitarian philosophy.

Do utilitarians believe in God?

The combination of utilitarianism with the belief in God has strong consequences regarding human nature. Utilitarianism is the theory that maximization of joy is good and that taken per se everyone’s interests are equally important. Since God is omnipotent, God can do every possible good.

What religion is utilitarianism?

Although Jeremy Bentham and John Stuart Mill are the most well known utilitarians their approach is secular and Christians may feel a greater empathy with the thought of the Rev William Paley who set out his thoughts on a Christian utilitarianism in his ‘Moral and Political Philosophy’ first published in 1785.

What is a godless theory?

First, utilitarianism is often called a godless doctrine, because its moral foundation is the human happiness, and not the will of God. A utilitarian believes that God’s revealed truths about morality will fit with utilitarian principles.