Which principle emphasizes justice and fairness in economic practices?

• A. Economic Efficiency
• B. Economic Freedom
• C. Economic Equity
• D. Economic Security

Answer: (C)

The principle that emphasizes justice and fairness in economic practices is Economic Equity. This concept revolves around the idea that everyone should have equal access to economic opportunities and resources, ensuring that wealth and income are distributed fairly across society. Economic equity seeks to address inequalities that may arise from various market activities and advocates for policies that promote a fairer distribution of wealth. This includes considerations of wage fairness, access to quality education, and the elimination of barriers that prevent individuals from achieving economic prosperity.

Economic efficiency, on the other hand, focuses on maximizing output from given resources, which does not inherently take fairness into account. Economic freedom pertains to the ability of individuals to make choices regarding their economic activities, such as what to buy and sell, but doesn't address issues of equity directly. Economic security emphasizes the protection of individuals from economic risks, such as unemployment or poverty, but again, this focus does not inherently involve the principles of justice and fairness found in economic equity.