Aristotle's Formal Principle of Justice States

question 8

Multiple Choice

Aristotle's formal principle of justice states,

• A) from each according to his or her ability, to each according to his or her need.
• B) similar cases must be treated alike except where there is some relevant difference.
• C) all people are to be treated the same in every situation.
• D) from each according to his or her ability, to each according to his or her merit.

Understand the concept of price elasticity of demand and how to calculate it.

Distinguish between elastic, inelastic, and unitary elasticity of demand.

Identify factors that affect the elasticity of demand for goods and services.

Understand how the time period affects the elasticity of demand.

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Definitions:

Asset Management

The organized method of creating, managing, preserving, and trading assets in an economically efficient way.

Profitability

A measure of the efficiency of a company in generating profits from its operations, typically evaluated through various financial ratios.

Asset Turnover

A financial ratio that measures the efficiency of a company's use of its assets to generate sales revenue.

Inventory Turnover

A ratio showing how many times a company's inventory is sold and replaced over a period.