Microeconomics 101 How would you characterize “fairness”? Try to stay in an econ
ID: 1123187 • Letter: M
Question
Microeconomics 101
How would you characterize “fairness”? Try to stay in an economic framework.
Briefly describe (one-paragraph to one-page) an issue or problem at hand, and discuss the impact of one of the biases (inconsistencies) on this issue (e.g., framing, priming, status quo, or self-control). The issue could be a campus issue, a public policy issue, an issue that private businesses face, a family issue, or even your personal behavior.
Textbook problems Chapter 22: 10 (below)
https://ereader.chegg.com/books/9781305156050/pageid/506
Explanation / Answer
Part A
We know that in economics fairness means the equity or economic equality. The idea of fairness particularly regard to idea of taxation or welfare economics. The idea of fairness is characterized by price or wage in terms of a firm sets its future exchage. The Idea of fairness is regarded as equal chance of the people, equal minimum income, goods, services particularly interms of redistribution. The fair division in economics a persons subjective valuation of their own share of goods should be the same.
Part B
The process of fairness here explain on the basis of health policy. We know that the health policy is every where in the world shows inequality. In welfare value implies social equity or reasonableness; it is dealt with as a moral idea, in light of the rule of distributive justice. The words equity and equality is not same, equity is value based concept equality is not. Health equity we mean that the study of differences in quality of health and health services across different populations, whereas, health equality refers to the measurement of the deviation in health outcome. In general, the health inequity considered in terms of three variables, that is, health outcome, Health service, and finance. These variables provide differences in health outcomes of the peoples. Health equities can be divided into two, first, horizontal equity means the equal treatment of the individual or group in the same circumstances, second, vertical equity, People who are unequal should receive unequal health care according to their need. The health inequity is the outcome of poverty, educational level, gender, ethnicity, etc. to reduce health inequity is the major challenges faced by the health system of every countryIn welfare value implies social equity or reasonableness; it is dealt with as a moral idea, in light of the rule of distributive justice. The words equity and equality is not same, equity is value based concept equality is not. Health equity we mean that the study of differences in quality of health and health services across different populations, whereas, health equality refers to the measurement of the deviation in health outcome. In general, the health inequity considered in terms of three variables, that is, health outcome, Health service, and finance. These variables provide differences in health outcomes of the peoples. Health equities can be divided into two, first, horizontal equity means the equal treatment of the individual or group in the same circumstances, second, vertical equity, People who are unequal should receive unequal health care according to their need. The health inequity is the outcome of poverty, educational level, gender, ethnicity, etc. to reduce health inequity is the major challenges faced by the health system of every country. The important causes of health inequity refers to Poverty, gender,education, income and environmental issues.