Another trade-off society faces is between efficiency and equality. Efficiency means that society is getting the maximum benefits from its scarce resources. Equality means that those benefits are distributed uniformly among society’s members. In other words, efficiency refers to the size of the economic pie, and equality refers to how the pie is divided into individual slices.
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FelipRod - (no access) - Principles of Economics, 7th Edition by N. Gregory Mankiw[Dr.Soc].pdf, p41
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