Utilitarianism to the development of market oriented microeconomics. b.

John Stuart Mill

This is the study of decisions, relationships and behavioral patterns of individuals, families,
organizations, industries and markets. c. Microeconomics

This is not a static body of truthsrather; it is an expression of a perspective about economic

activities during a particular historical period. c. Economic theory

He divided the concerns of economics into two separate fields; one was oikonomiks the other
chrematistiks. Aristotle

He identifies the division of labor as a primary source of increased productivity and the Wealth
of Nations. c. Adam Smith

It provided a justification for and explanation of the activities of the rising merchant class.
Mercantilism

This explains how inputs used to produce a set of goods that will result in the maximum social
wealth. General equilibrium model

He was a poor stone mason and carver who believed it his divine mission to test the
truthfulness of all statements. Socrates

This was simply the sum of the individual utilities which focuses the analysis on the individual.
Total utility of society

This may be used as a tool to aid in the decision making process. Microeconomics

They are often regarded as the first important contributors to Western culture. Greeks

This was an analysis of how decisions were made regarding the management of resources.
Oikonomiks

He draws an analogy between the Principles of Maximum Energy and the Principles of Greatest
Happiness. b. Francis Ysidro Edgeworth

He is largely responsible for the simplification of Bentham's utilitarian philosophy as is has

come to be used as a foundation for mainstream microeconomics. d. Jevons
He was the successor to Walras at the University of Lausanne whose name has been
associated with the basic criteria used as a measure of efficiency. Pareto

This was defined by Sidgwick as the system that fixes as the reasonable ultimate end of each
individual's action his own greatest happiness.d. Egoistic Hedonism

He is an English philosopher who laid the foundation for British Utilitarian microeconomics in
his Introduction to the Principles of Morals and Legislation. b. Jeremy Bentham

He began his Republic with an economic interpretation of history wherein he begins by seeking
the meaning of justice. b. Plato

His influence on the development of microeconomics is through the work of Leon Walras. d.
Cournot

The art in scientific thinking whether in physics, biology, or economics is deciding which
assumptions to make. False