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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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FALLACY OF MASS APPEAL: The logical fallacy of arguing that something is "correct" or "true" because a majority of the population thinks so. This is commonly used by both advertisers and politicians. Just because something is popular, doesn't mean it's "right." In fact, a cynic might argue that being popular probably makes it "wrong."

     See also | fallacy | advertising | economic policies | fallacy of division | fallacy of composition | fallacy of false authority | fallacy of false cause | fallacy of personal attack | normative economics | positive economics |


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OLIGOPOLY AND MONOPOLISTIC COMPETITION

Oligopoly and monopolistic competition have some similarities, but also have a few important differences. Both are examples of imperfect competition on the market structure continuum between ideals of perfect competition and monopoly. However, oligopoly contains a small number of large firms and monopolistic competition contains a large number of small firms. The dividing line between oligopoly and monopolistic competition can be blurred due to the number of firms in the industry.

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Today, you are likely to spend a great deal of time touring the new suburban shopping complex seeking to buy either blue cotton balls or a genuine down-filled pillow. Be on the lookout for door-to-door salesmen.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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