Asked by Janani Balan on Jun 27, 2024
Verified
Efficiency
A) and equality both refer to how much a society can produce with its resources.
B) and equality both refer to how fairly the benefits from using resources are distributed between members of a society.
C) refers to how much a society can produce with its resources.Equality refers to how evenly the benefits from using resources are distributed among members of society.
D) refers to how evenly the benefits from using resources are distributed between members of society.Equality refers to how much a society can produce with its resources.
Efficiency
The degree to which resources are used optimally to achieve a desired outcome, minimizing waste and maximizing output.
Equality
The situation where individuals have the same rights, opportunities, and status.
Society's Resources
The total available assets, both natural and man-made, that are available for use by a society.
- Differentiate between the notions of efficiency and equality within the framework of economic policy.
Verified Answer
TD
Theodore DemetriadesJun 28, 2024
Final Answer :
C
Explanation :
Efficiency in economics refers to the optimal production and allocation of resources to maximize output. Equality, on the other hand, concerns how evenly or fairly the benefits and resources are distributed among members of a society.
Learning Objectives
- Differentiate between the notions of efficiency and equality within the framework of economic policy.