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Economics is about trade-offs: because we have limited resources, we must give up one thing to get another.One over-arching trade-off throughout most of economics is
- Economics is about trade-offs: because we have limited resources, we must give up one thing to get another.One over-arching trade-off throughout most of economics is that between equity and efficiency.Equity refers to fairness, while efficiency is getting the maximum amount of products from our scarce resources.What kind of concept is Equity?How about efficiency?Does it make sense that there is a trade-off between these two very different concepts?Explain.
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