PLEASE EXPLAIN YOUR ANSWERS.Thanks

EFFICIENCY VERSUS EQUITY Write a short essay response about Efficiency vs Equity by including all of the key concepts and then relate the principles.| . Key Concepts What are the tradeoffs between Efficiency and Equity or "Fairness"? Can these tradeoffs be accomplished without "messing with the markets"? How does Efficiency, Equity and Fairness relate to Environmental Concerns? O Is Equity and Fairness the same thing? Does Equity mean "Equal" ? O Do we need government intervention in the markets to create Equity or can we as individuals, or example, redistribute our own income to help others, rather than the government doing it for us? If you vote for the government, does that mean that people in the government are more "fair" than the rest of us? Principles O Opportunity Costs/Trade Offs that you are minimizing [Hint: For example, if Efficiency, Equity and/or Environmental Protections, and/or the Short Run versus the Long Run are Trade Offs, what are the Opportunity Costs between them that drives your proposal? ] How might the "other" Economic Principles of Incentives, Scarcity, Marginal Decision Making, or the Natural Tendency in all things to move to a point of Resolution, which in Economics, we call "equilibrium"? o How do differences in Economic Wealth affect your proposal