Efficiency and equality both refer to how much a society can produce with its re

Question

Efficiency and equality both refer to how much a society can produce with its resources. and equality both refer to how fairly the benefits from using resources are distributed between members of a society refers to how much a society can produce with its resources. Equality refers to how evenly the ber resources are distributed among members of society 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 benefits from using

Explanation / Answer

The correct answer is part c.

Efficiency refers to how much a society can produce with it's resources. More technically, it means that every resource is optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency. Thus, when the economy is efficient, we say that it is working at it's best possible level and any changes made to assist one entity would harm another.

Equality on the other hand as the name suggests, means how evenly the resources that are produced are distributed among the members of the society. Equality or Equity is the idea of Fairness. If a distribution is said to be equal as well as efficient, it is said to be fair. In a state of equity, everyone has the same access to the same wealth. The resources are shared equally by all and are not concentrated in the hands of some.

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