Efficiency is related to the size of the economic pie, whereas equity is related to how the pie gets sliced and distributed.

Name: Efficiency is related to the size of the economic pie, whereas equity is related to how the pie gets sliced and distributed.
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Efficiency is concerned with maximizing the size of the economic pie, while equity is concerned with ensuring a fair distribution of the economic pie among different individuals and groups.

Efficiency Is Related to the Size of the Economic Pie