The Price System

question 26

Multiple Choice

The price system

• A)is the voluntary exchange system used in the United States.
• B)is old fashioned and is no longer used.
• C)is used only in countries that are developing.
• D)is used to set resource prices only.

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Definitions:

Aristotle

An ancient Greek philosopher and scientist, one of the greatest intellectual figures of Western history, known for his works on ethics, politics, logic, and science.

Consequentialists

Ethical theorists who believe that the morality of an action is determined by its outcomes or consequences, rather than by the action itself or any set of rules.

Deontologists

Ethical theorists who believe that the morality of an action depends on its adherence to rules or duties, rather than its consequences.

Modern Moral Philosophy

A branch of philosophy that investigates questions of right and wrong, the virtues of actions, and the foundations of ethics in the context of contemporary societal norms and issues.