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In ethical philosophy, utilitarianism is a family of normative ethical theories that prescribe actions that maximize happiness and well-being for the affected individuals. [1] [2] In other words, utilitarian ideas encourage actions that lead to the greatest good for the greatest number.
An elastic good is one for which there is a relatively large change in quantity due to a relatively small change in price, and therefore is likely to be part of a family of substitute goods; for example, as pen prices rise, consumers might buy more pencils instead.
In economics a trade-off is expressed in terms of the opportunity cost of a particular choice, which is the loss of the most preferred alternative given up. [2] A tradeoff, then, involves a sacrifice that must be made to obtain a certain product, service, or experience, rather than others that could be made or obtained using the same required resources.
Facts give us reasons, we might say, when they count in favour of our having some attitude, or our acting in some way. But 'counts in favour of' means roughly 'gives a reason for'. The concept of a reason is best explained by example. One example is the thought that we always have a reason to want to avoid being in agony. [5]
In The Republic, Plato's character Socrates contends repeatedly that a particular common goal exists in politics and society, [13] and that that goal is the same as the goal for a flourishing human being, namely, to be a philosopher king, [14] ruled by the highest good, Reason, rather than one of Plato's four lesser goods: honor-seeking, money ...
The term naturalistic fallacy is sometimes used to label the problematic inference of an ought from an is (the is–ought problem). [3] Michael Ridge relevantly elaborates that "[t]he intuitive idea is that evaluative conclusions require at least one evaluative premise—purely factual premises about the naturalistic features of things do not entail or even support evaluative conclusions."
In business ethics, Ethical decision-making is the study of the process of making decisions that engender trust, and thus indicate responsibility, fairness and caring to an individual. To be ethical, one has to demonstrate respect, and responsibility. [ 1 ]
Product design is the process of creating new products for businesses to sell to their customers. [1] It involves the generation and development of ideas through a systematic process that leads to the creation of innovative products. [2] Thus, it is a major aspect of new product development. Product Design Process: