equity and efficiency

Equity refers to fairness or justice in the distribution of resources, opportunities, and treatment within society. It focuses on ensuring that different individuals or groups receive appropriate support based on their needs or circumstances. Efficiency, on the other hand, concerns how well resources are used to produce desired outcomes with minimal waste or effort. It aims to maximize output and benefits from available resources. Balancing equity and efficiency often involves trade-offs, as efforts to achieve fairness might impact overall productivity, and vice versa. Both are important considerations in creating policies that promote social well-being and economic stability.