Describe How Normalization Works

question 28

Essay

Describe how normalization works.

Distinguish between utilitarian considerations in personal versus general actions.

Understand the challenges in predicting outcomes and the potential inefficiency of consequentialist deliberations.

Understand the principle of utility and its association with the Greatest Happiness Principle as articulated by Mill.

Recognize the challenges and objections to act consequentialism, including the practical difficulty of calculating consequences for every action.

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Definitions:

Demand Curve

A chart that illustrates the link between a product's cost and the amount of the product consumers want to buy at those prices.

Cherry Industry

A sector of agriculture that focuses on the cultivation, harvest, and distribution of cherries.

Efficiently Allocated

A situation where resources are distributed in a manner that maximizes the overall benefit to society or an economy, with no way to improve anyone's condition without worsening someone else's.

Marginal Cost

The amount spent on producing one more unit of a good or service.