Examlex
Which action did President Polk take in 1845 as part of his California strategy?
Consumer Surplus
The contrast between what consumers are equipped and willing to dish out for a good or service against what they genuinely pay.
Total Utility
The overall satisfaction or utility a consumer derives from consuming a certain quantity of goods or services.
Philosopher-Economist
An individual who contributes to the fields of philosophy and economics, often analyzing the ethical implications of economic theories or decisions.
Jeremy Bentham
A British philosopher, jurist, and social reformer in the 18th century, known as the founder of modern utilitarianism.
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