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Explain wear-and-tear theories of aging.
Efficiency
The extent to which resources are allocated in the most effective manner, maximizing output from a set of inputs.
Equity
Equity refers to fairness or justice in the way people are treated and is often considered in economic and legal contexts to ensure fair distribution of resources and opportunities.
Economic Theory
A framework or system of ideas that explains and analyzes the production, distribution, and consumption of goods and services.
Spending
The amount of money expended by individuals, businesses, or governments on goods and services.
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