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In many Abrahamic religions, angels are considered to be good beings and are contrasted with demons, who are their evil counterparts. In most contexts, the concept of good denotes the conduct that should be preferred when posed with a choice between possible actions. Good is generally considered to be the opposite of evil. The specific meaning ...
Goods are capable of being physically delivered to a consumer. Goods that are economic intangibles can only be stored, delivered, and consumed by means of media. Goods, both tangibles and intangibles, may involve the transfer of product ownership to the consumer. Services do not normally involve transfer of ownership of the service itself, but ...
Summum bonum is a Latin expression meaning the highest or ultimate good, which was introduced by the Roman philosopher Cicero [1] [2] to denote the fundamental principle on which some system of ethics is based — that is, the aim of actions, which, if consistently pursued, will lead to the best possible life.
A merit good can be defined as a good which would be under-consumed (and under-produced) by a free market economy, due to two main reasons: When consumed, a merit good creates positive externalities (an externality being a third party/spill-over effect of the consumption or production of the good/service). This means that there is a divergence ...
Value theory is the interdisciplinary study of values.Also called axiology, it examines the nature, sources, and types of values.Primarily a branch of philosophy, it is an interdisciplinary field closely associated with social sciences like economics, sociology, anthropology, and psychology.
Doctrines of grace and total depravity assert that – due to original sin – mankind, entirely or in part, was unable to be good without God's intervention; otherwise at best, one could only ape good behavior for selfish reasons. The Islamic religion is highly concerned with moral character which is presented in many of their teachings. There ...
Common goods (also called common-pool resources [1]) are defined in economics as goods that are rivalrous and non-excludable. Thus, they constitute one of the four ...
The degree to which a good has a perfect substitute depends on how specifically the good is defined. The broader the definition of a good, the easier it is for the good to have a substitute good. On the other hand, a good narrowly defined will be likely to not have a substitute good.