Asked by Olivia Storm on Jun 16, 2024
Verified
Efficiency refers to whether a market outcome is fair, while equality refers to whether the maximum amount of output was produced from a given number of inputs.
Efficiency
The ability to produce maximum output with a given set of inputs or resources, minimizing waste and costs.
Equality
The state of being equal, especially in status, rights, and opportunities.
Output
The complete sum of products or services generated by an individual, device, company, or economic system.
- Distinguish between efficiency and equality in economic terms and their relation to market outcomes.
Verified Answer
TD
Tarnesha DudleyJun 23, 2024
Final Answer :
False
Explanation :
Efficiency refers to whether the maximum amount of output was produced from a given number of inputs, while equality refers to how evenly the benefits from those outputs are distributed among society's members.
Learning Objectives
- Distinguish between efficiency and equality in economic terms and their relation to market outcomes.