In the context of resource allocation, what does the term 'equity' refer to? (2023)
Practice Questions
1 question
Q1
In the context of resource allocation, what does the term 'equity' refer to? (2023)
The fair distribution of resources among individuals
The total value of resources owned by an individual
The efficiency of resource use in production
The market price of resources
Equity in resource allocation refers to the fair distribution of resources among individuals, ensuring that everyone has access to necessary resources.
Questions & Step-by-step Solutions
1 item
Q
Q: In the context of resource allocation, what does the term 'equity' refer to? (2023)
Solution: Equity in resource allocation refers to the fair distribution of resources among individuals, ensuring that everyone has access to necessary resources.
Steps: 4
Step 1: Understand what 'resource allocation' means. It is how resources (like money, food, or services) are distributed among people.
Step 2: Learn what 'equity' means. It is about fairness and justice in how things are shared.
Step 3: Combine the two ideas. 'Equity in resource allocation' means making sure that resources are shared fairly so that everyone can get what they need.
Step 4: Remember that equity is not the same as equality. Equity focuses on giving people what they need to succeed, which may not be the same for everyone.
