Correct Answer - Option 2 : II
Assertion (A): Economic justice is concerned with giving all the members of society a fair share
The assertion is true because the concept of economic justice says that it is a set of moral and ethical principles for building economic institutions, where the ultimate goal is to create an opportunity for each person to establish a sufficient material foundation upon which to have a dignified, productive, and creative life.
Reason (R): The possible criteria of distribution are equity, equality, and need.
The reason is true as the criteria for distributive justice are equity, equality, and need. though it does not explain the concept of economic justice.
Hence, Both (A) and (R) are true, but (R) is not the correct explanation of (A).
Therefore, Option 2 is the correct answer.