equality and equity

Question 1

Benefits of equality

Answer 1

Improves social cohesion – less difference
Improves health – greater access
Can encourage economic growth – less saving

Question 2

Limitations of equality

Answer 2

Lack of incentive to work harder; what’s the point?
Profit motive drives the economy
International competitiveness: in highly re-distributive economies(high taxes and benefits) may act as an uncompetitive constraintin the economy

Question 3

Equality

Answer 3

Same

Question 4

Equity

Answer 4

the concept or idea of fairness in economics, particularly in regard to taxation or welfare economics
Vertical and horizontal. Use stuff from poverty