One tradeoff society faces is between efficiency and equity. Define each term. If Oman government redistributes income from the rich to the poor, explain how this action affects equity as well as efficiency in the economy.

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Q: Define each term. If Oman government redistributes income from the rich to the poor, explain how…

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Q: If Oman government redistributes income from the rich to the poor, explain how this action affects…

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Q: Why inequality still exist?

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A: The above given case is analyzed as follows:

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Q: How do governments and families affect economic inequality?

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Q: give a summary that how this causes poverty trap.

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