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What is economically efficient?

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Anonymous

9y ago
Updated: 4/9/2022

Economic efficiency refers to a situation where a given society uses limited resources in an efficient manner in the process of satisfying their unlimited wants.i.e engaging in a process of utilizing limited resources in producing the most desired and preferred goods and services of a society at the optimum level.

There are two main factors which contribute towards the achievement of economic efficiency.

  1. Productive efficiency - ( using limited resources in a manner which provides the maximum or optimum contribution towards the total producion of an economy. )
  2. Allocative efficiency- ( llocating limited resources of a society towards the producion of the most desired combination of goods and services. )
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Joesph Kling

Lvl 10
3y ago

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