Distinguish Between the Following Three Concepts: Morals, Values, and Ethics

question 12

Essay

Distinguish between the following three concepts: morals, values, and ethics.

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Definitions:

Competitive Market

A market structure characterized by a large number of buyers and sellers, where no single participant has significant influence on price.

Marginal Rate of Substitution

The ratio at which a consumer can exchange quantities of one good for another while preserving the same degree of contentment.

Pareto Optimal

Pareto optimal is a state of allocation of resources in which it is impossible to make any one individual better off without making at least one individual worse off.

Smelted

The process of extracting a metal from its ore by heating and melting, often involving a chemical reduction reaction.