Asked by
Kathryn Johnson
on Nov 17, 2024
Verified
Efficiency is related to the size of the economic pie, whereas equality is related to how the pie gets sliced and distributed.
Efficiency
The state or quality of being able to achieve maximum productivity with minimum waste or expense.
Equality
The state or condition of being equal, especially concerning status, rights, and opportunities.
- Differentiate between the concepts of efficiency and equality in economics and understand their connection to the results of market activities.
Verified Answer
D_
Learning Objectives
- Differentiate between the concepts of efficiency and equality in economics and understand their connection to the results of market activities.
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