Explain the Principle "Make the Poorest as Well Off as Possible

question 245

Essay

Explain the principle "Make the poorest as well off as possible." Who proposed it?

---

Definitions:

Setup Cost

Expenses incurred to prepare or configure a process, machine, or system for production or operation.

Setup Time

The time required to prepare equipment, machines, or systems for a manufacturing process or production run.

Daily Production

The total amount of output produced by a company or industry in a single day, often measured to assess operational efficiency.

Holding Cost

The expenses incurred to store and maintain inventory over a period, including storage, insurance, taxes, and depreciation.