Examlex
John Stuart Mill changed Bentham's principle of utility to allow for qualitative differences in pleasures in order to make utilitarianism more consistent with our sense of fairness and justice.
Production Possibilities Curve
A graphical representation showing the maximum quantity of two goods that can be produced with available resources and technology, illustrating trade-offs and opportunity costs.
Inefficiently
The state of not achieving maximum productivity with minimum wasted effort or expense.
Efficiently Utilized
Resources or inputs that are used in a way that maximizes the output or outcomes without wasting any potential utility.
Production Possibilities Curve
A graphical representation showing the maximum combination of goods and services that can be produced with a fixed amount of resources.
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