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Description of Fairness:
The concept of equity or fairness is spread all over. In the case of economics, it has two uses. It is one of the five goals in economics and it is an asset in ownership. These are two totally unrelated things. But this is the fact about fairness.
Fairness harnesses two important issues. Let us talk about both these separately.
Fairness Microeconomics Assignment Help
The Economic Goal
It is one of the two goals in microeconomics. In case you have achieved equity, then you have achieved wealth and income which is fairly distributed in the society in which you are dealing with. Everyone is asking for fair distributions these days. But is a debatable thing as to what exactly is something considered to be fair and equitable.
People may assume that it is considered to be equity when all of them are getting the same income and wealth. While there are others who think that it is based on the value of the production that the people should receive the income and wealth. If this happens it is considered to be equity by them. While some others think that if people earn income and wealth according to what they think their capabilities are, it is equity.
The Distribution Standards
There are three distribution standards that are mostly used in the market scenario, while there are much more in the scene.
a) Equality standard: It says that income should be given equally to all in the society. Each member should be able to receive the same amount of income as the other person.
b) Contributive Standard: In this case, the distribution is based on the value of the products or services, which a person is producing. The contribution that they make would be the standard to evaluate in this case. This is the most frequently used one in the market scenario.
c) Needs standard: It is something that is distributed according to the needs of the person. It should be based on the person’s standard of living. This is generally present in the governments with socialism and communism.
This is the second use of equity or fairness. It is something that refers to the assets of the person. This holds true mainly in case of huge things which can be the capital, housing, stocks at corporate levels, and so on. You can hear that there is an entrepreneur who is having an equity ownership of a small business and so on. This is the situation in case of the ownership.