뒤로Income Equality and Efficiency definitions
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1/14뒤로Skip to main content뒤로Income Equality
Redistribution of earnings so all individuals receive the same amount, maximizing collective satisfaction but potentially reducing motivation. Efficiency
Optimal allocation of resources where incentives drive productivity and economic output is maximized without unnecessary waste. Total Utility
Aggregate satisfaction or happiness derived by all individuals in an economy from their income or consumption. Marginal Utility
Additional satisfaction gained from consuming or spending one more unit, which decreases as more is consumed. Diminishing Returns
Declining additional benefit received from each extra unit consumed or earned, especially as income or consumption rises. Opportunity Cost
Value of the next best alternative forgone when a choice is made, such as sacrificing efficiency for greater equality. Equality-Efficiency Trade-Off
Balance between fair income distribution and maintaining incentives for productivity and economic growth. Incentive
Motivation for individuals to work or be productive, which can diminish under perfect income redistribution. Marginal Utility Curve
Graphical representation showing how additional satisfaction decreases as more income or goods are received. Aggregate Demand
Total spending on goods and services within an economy, influenced by income distribution and fiscal policy. Aggregate Supply
Total output of goods and services that producers in an economy are willing to supply at various price levels. Fiscal Policy
Government decisions on taxation and spending that affect income distribution, aggregate demand, and economic incentives. Productivity
Measure of output produced per unit of input, often linked to incentives and efficiency in the economy. Economic Growth
Increase in the value of goods and services produced by an economy over time, influenced by both equality and efficiency.
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