Logic May Only Enable a Judge to Identify a Range

question 4

Short Answer

Logic may only enable a judge to identify a range of rational options. The choice of a 'right answer' will also be shaped by the social or economic values that the legal system serves. This is often expressly recognised by judicial discussions of________ (two words).

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Definitions:

Output of Industry

The total amount of goods and services produced by an industry or sector within a specific period, often used to gauge economic health and productivity.

Economic Profit

The difference between total revenues and total costs, taking both explicit and implicit costs into account, indicating the additional income over the opportunity cost of capital.

Industry Z

An unspecified sector of the economy, used as a placeholder to discuss economic concepts without specifying an industry.

Output Expansion

The increase in the production of goods or services by a firm or economy over time.