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Explain the Difference Between Efficiency and Equity

question 149

Essay

Explain the difference between efficiency and equity.Which of the two is naturally promoted by market forces (under ideal conditions)?


Definitions:

Prosocial Cognition

Thought processes aimed at understanding and contributing positively to the welfare of others, demonstrating empathy, moral reasoning, and social awareness.

Peer Support

The assistance and understanding provided by individuals of similar age or status to others within the same group or community.

Making Friends

The process of forming connections and relationships with others that provide companionship, support, and a sense of belonging.

Losing a Friend

The experience of ending a friendship due to various reasons, which can lead to feelings of sadness, loneliness, and a period of adjustment and grief.

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