Explain What Piaget Meant by Moral Realism, Immanent Justice, and Moral

question 7

Essay

Explain what Piaget meant by moral realism, immanent justice, and moral relativism.

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Definitions:

Socialist Economy

An economic system where the means of production, distribution, and exchange are owned or regulated by the community as a whole.

Market Failure

A situation in which the allocation of goods and services by a free market is not efficient, often leading to a net social welfare loss.

Allocated Efficiently

Refers to the optimal distribution of resources and goods in a way that maximizes the welfare or utility of consumers.

External Costs

Expenses that a business or economic activity imposes on unrelated third parties or the environment, which are not reflected in market prices.