Talk About: -African National Congress

question 119

Essay

Talk about:
-African National Congress

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Definitions:

Moral Obligation

A duty which one owes, and which one ought to perform, but which he is not legally bound to fulfill.

Rawlsian Justice

A theory of distributional justice that concludes that the social contract emerging from the “original position” would call for an income distribution that would maximize the well-being of the worst-off member of society.

Risk Averse

A preference for avoiding loss over making a gain.

Marginal Utility

The extra pleasure or benefit gained from using one more unit of a product or service.