1 Flashcards
1
Q
Utility
A
benefit that someone gains from something
2
Q
Rational utility maximiser
A
Someone who acts rationally to maximise their own welfare
3
Q
Most people don’t maximise their utility
A
Gut decisions and habit
Mental health
Long run V short run
Moral, political and religious viewpoint
Lack of information
Altruism
4
Q
Positive statement
A
statements that are factually verifiable
5
Q
Normative statement
A
Value judgement
