Argument or Not an Argument

question 80

Short Answer

Argument or not an argument?
-The right to property sets no limit on the amount of property one may justly accumulate, for the right to property is the right to accumulate any possessions as long as one's possessions result from voluntary exchanges.

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Definitions:

Budget Constraint

The limit that the size of a consumer’s income (and the prices that must be paid for goods and services) imposes on the ability of that consumer to obtain goods and services.

Money Income

The total amount of monetary earnings received by an individual or household over a certain period of time, before taxes and deductions.

Law of Diminishing Marginal Utility

The economic principle that states as a person increases consumption of a product, there is a decline in the marginal utility that person derives from consuming each additional unit of that product.

Total Utility

The total satisfaction or benefit derived from consuming a particular quantity of goods or services.