Answer:
a) Efficiency deals with the size of the economic pie, and equality deals with how fairly the pie is sliced.
Explanation:
In his book; Principles of Microeconomics (Fourth Edition), Gregory Mankiw explains that;
Efficiency refers to how well a society can maximize the benefits it derives from its scarce resources. The "economic pie" in this instance refers to those benefits that can be gotten by the society. A highly efficient society will get more benefits (a larger sized pie), than a society that is not as efficient.
Equity on the other hand refers to how fairly those benefits are distributed among members of the society.
Answer:
second? i would say that one
Answer:
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Abraham Maslow, noted psychologist, theorized that people were motivated by unmet needs. He created the hierarchy of needs which are self-actualization, esteem, love and belonging, safety, and physiological. He said that if there are four levels of needs that are being satisfied, that means that the individual is contented.
