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UTILITARIANISM: A philosophical view that the value or worth of an action depends on the amount of pleasure it generates or the amount of pain it prevents, or in economic terms, the amount of utility generated. Utilitarianism, although dating back to the early Greek philosophers, is largely attributable to the work of Jeremy Bentham and John Stuart Mill. This philosophy played a major role in the development of modern consumer demand theory and utility analysis.
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FACTORS OF PRODUCTION Labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Factors of production are also termed resources or scarce resources.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
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"Difficulties mastered are opportunities won. " -- Winston Churchill, Statesman
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IDA
International Development Association
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