1. What do you mean by the term Efficiency in your language?

Answer:

Efficiency: Efficiency is a measure of how economically resources are utilized to achieve predetermined objectives. It is about reaching ends by only the necessary means or by the least wasteful use of means. It is a measure of the relation between the results obtained and the effort expended i.e. functioning at lowest cost.

2. Define Equity in your own Language.

Answer:

Equity: Managers should be both fair and friendly to the subordinates. Equity results when friendliness is coupled with justice, The application of the principle experience and good nature, This will help in soliciting loyalty and devotion from subordinate.