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For a tax system to achieve equity,it must first achieve efficiency.
Equity
The concept of fairness in economics, which can refer to the distribution of wealth, income, or resources within a society.
Efficiency
The optimal use of resources to achieve the desired ends with minimal waste or expense; often relates to economic efficiency where resources are allocated in a way that maximizes the net benefit to society.
Tax System
The structured method and principles a government uses to collect taxes from individuals and businesses, which can vary in complexity and types of taxes imposed.
- Investigate the inherent trade-offs between fairness and efficiency in tax strategies and the economic principles that underpin them.
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Learning Objectives
- Investigate the inherent trade-offs between fairness and efficiency in tax strategies and the economic principles that underpin them.
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