ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Equity in economics is defined as the process to be fair in an economy that can range from the concept of taxation to welfare in the economy. It also means how the income and opportunity among people are evenly distributed.

Detailed explanation-2: -A large part of fairness research in economics has focused on prices and wages. With respect to prices, for example, consumers are generally less accepting of price increases as result of a short term growth in demand than rise in costs (Kahneman et al., 1986).

Detailed explanation-3: -Equity, or economic equality, is the concept or idea of fairness in economics, particularly in regard to taxation or welfare economics.

Detailed explanation-4: -Fairness Definition in Economics In economics, fairness refers to the “proper” distribution of resources to those who need them. Another way to think of fairness is equity. However, it’s important to note that fairness is not the same as efficiency.