What Is Equity, and How Does It Differ from Efficiency

question 187

Essay

What is equity, and how does it differ from efficiency?

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Definitions:

Vertical Mobility

The movement of an individual or group within a social hierarchy, which can be upward (promotion or upward social mobility) or downward (demotion or downward social mobility).

Social Mobility

The ability of individuals or groups to move within a social hierarchy, which can be upward or downward, reflecting changes in income, status, or occupation.

Losing Job

The process or experience of being terminated from employment, often leading to financial instability and emotional stress.

Homogamy

Homogamy refers to the pattern of individuals marrying others who have similar characteristics, such as background, race, age, and social status.