Absolute Good
Absolute good is a term used to describe a good that is not relative to any other good. It is a good that is not dependent on any other good, and is considered to be of the highest quality. Absolute goods are often seen as being of a higher value than relative goods, as they are not dependent on any other good for their value. Absolute goods are often seen as being more valuable than relative goods, as they are not dependent on any other good for their value.
History of the Term
The term “absolute good” was first used by the ancient Greek philosopher Aristotle in his work “Nicomachean Ethics”. In this work, Aristotle argued that there were certain goods that were absolute and could not be compared to any other good. He argued that these absolute goods were the highest form of good and should be sought after. Aristotle’s concept of absolute good has been used in philosophy and economics ever since.
Comparisons
| Good | Absolute | Relative |
|---|---|---|
| Value | High | Low |
| Dependency | None | Other Goods |
| Quality | High | Variable |
Summary
Absolute good is a term used to describe a good that is not relative to any other good. It is a good that is not dependent on any other good, and is considered to be of the highest quality. Absolute goods are often seen as being of a higher value than relative goods, as they are not dependent on any other good for their value. For more information on absolute goods, you can visit websites such as Investopedia and The Balance.
See Also
- Relative Good
- Utility
- Marginal Utility
- Opportunity Cost
- Marginal Cost
- Marginal Benefit
- Consumer Surplus
- Producer Surplus
- Deadweight Loss
- Economic Efficiency
