Elaborate on the main difference between equity and efficiency. [12 marks]
Homework Answers
Efficiency is related with optimal production and allocation of resources considering existing factors of production.
Equity is more related to how resources get allocated and distributed in society.
Efficiency and equity are part of tradeoffs.
When government proposes new budget and policies it has to ensure that societies make maximum use of resources and at ssme time resources get allocated fairly and hence either if them get achieved making efficiency and equity a tradeoff.
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Elaborate on the main difference between equity and efficiency. [12
marks]
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Question 1 Explain scarcity, choices and opportunity costs for a maid who comes from Indonesia to Malaysia for employment. (a) [18 marks] (b) Elaborate on the main differences between equity and efficiency. [12 marks]
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