The benefit received from paying less for a good than the maximum amount that the person is willing to pay for it. Thus, if a person is willing to pay up to $3 for something, but the market price is $1, then the net economic benefit for that item is $2.
This is known as inductive reasoning.
Often times, inductive reasoning tend to not be backed by proper scientific approach which may caused false perception.
Example of inductive reasoning:
"a man from race B is stealing the purse." (specific) , therefore "all men from race B love stealing purses." )general)
Answer:
A
Explanation:
The statement that best describes the Louisiana Purchase is "The US sent two representatives to buy the Louisiana Territory from France in 1803."
Answer:
John Locke
Explanation:
John Locke was an English philosopher and physician regarded as one of the most influential of Enlightenment thinkers, especially concerning the development of political philosophy. His writings influenced Voltaire and Rousseau, but most importantly, the American revolutionaries.
A government controlled by a small group of people is called a oligarchy. Oligarchy is defined as "a form of power structure in which power effectively rests with a small number of people. These people might be distinguished by royalty, wealth, family ties, education, corporate, religious or military control."
