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Aristotle says, "A social instinct is implanted in all men by nature, and yet he who first founded the state was the greatest of benefactors. For man, when perfected, is the best of animals, but, when separated from law and justice, he is the worst of all." Explain what Aristotle means by "a social instinct." Do you agree with Aristotle? Explain your answer.
Demand Curve
is a graphical representation that shows the relationship between the price of a good and the quantity of that good that consumers are willing to purchase.
Utility Maximization
The economic principle that individuals seek to obtain the greatest satisfaction or utility from their choices given their resources.
Marginal Utility
The additional satisfaction or usefulness gained from consuming one more unit of a good or service.
Income Effect
is the change in an individual's or economy's income and how that change will impact the quantity demanded of a good or service.
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