Normative economics is subjective and involves judging different economics outcomes. Which criteria listed below could we use to assess whether an outcome is "good" or "bad", "better" or "worse"? (select all that apply)Group of answer choicesenvironmental sustainabilityefficiencyequitywell-being of the most disadvantaged in society
Question
Normative economics is subjective and involves judging different economics outcomes. Which criteria listed below could we use to assess whether an outcome is "good" or "bad", "better" or "worse"? (select all that apply)Group of answer choicesenvironmental sustainabilityefficiencyequitywell-being of the most disadvantaged in society
Solution
All of the criteria listed can be used to assess whether an economic outcome is "good" or "bad", "better" or "worse". These include:
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Environmental Sustainability: This refers to whether the economic outcome is sustainable in the long term without causing harm to the environment.
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Efficiency: This refers to whether resources are being used in the most effective way to achieve the desired outcome.
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Equity: This refers to whether the economic outcome is fair and just, and whether it promotes equality among different groups in society.
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Well-being of the most disadvantaged in society: This refers to whether the economic outcome improves the living conditions and well-being of the most disadvantaged and vulnerable groups in society.
So, all of these criteria apply.
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