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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.
- Productive efficiency - ( using limited resources in a manner which provides the maximum or optimum contribution towards the total producion of an economy. )
- Allocative efficiency- ( llocating limited resources of a society towards the producion of the most desired combination of goods and services. )
What else can I help you with?
Do rational individuals attempt to achieve economically efficient resource allocations?
Yes
How are conifers economically important?
Conifers are economically important because of their efficient production of lumber. Hardwoods are more difficult to process, too expensive, and the trees take a long time to replenish.
Is solar power economically?
Economically what?
How bullet train is economically efficient?
Bullet trains are economically efficient due to their ability to reduce travel time significantly, which enhances productivity by allowing passengers to conduct business or engage in activities during transit. They also promote regional development by improving connectivity and accessibility, leading to increased tourism and commerce. Additionally, their energy-efficient design and higher passenger capacity can lower operational costs and reduce reliance on fossil fuels compared to traditional transport methods. Overall, bullet trains can contribute to economic growth while minimizing environmental impact.
What is the adjective of economically?
The adjectival form of "economically" is ECONOMICAL.
What is Wyandotte Municipal Services's motto?
The motto of Wyandotte Municipal Services is 'A community-owned, consumer-focused organization providing competitive services in an efficient, reliable, economically and environmentally responsible manner'.
When was Not Economically Viable created?
Not Economically Viable was created in 2004.
What is a more economically developed country?
Simple, you just said it. More economically developed country is a more economically developed country.
What gymnosperm is the most economically important?
Which is the largest and most economically important gymnosperm
What is the adverb for economy?
Economically The adverb economically derives from the adjectives economic and economical.
Why is Romania a more economically developed country?
Romania is not a more economically developed country.
What is the adverb of economic?
"Economically" is the adverbial form of "economic".The Chancellor's plans were economically unsustainable.
