Asked by Ahmed El Shamlol on May 23, 2024
Verified
Efficiency means everyone in the economy should receive an equal share of the goods and services produced.
Equality
The condition of having equal status, rights, and chances.
Economy
The system by which goods and services are produced, distributed, and consumed in a society or geographic area.
Goods And Services
Goods and services constitute the output of an economy, where goods are tangible products and services are intangible activities that provide value to consumers.
- Understand the distinction between equality and efficiency within the context of economics.
Verified Answer
QN
Queen NatalieMay 27, 2024
Final Answer :
False
Explanation :
Efficiency refers to how well economic resources are used and allocated to maximize productivity and minimize waste, not to the equal distribution of goods and services among individuals.
Learning Objectives
- Understand the distinction between equality and efficiency within the context of economics.