•Technical efficiency. A firm (or industry) products at lowest point where AC crosses MC.
•Allocativeefficiency. P = MC = MR. Satisfaction is represented by demand curve. DD = SS. Equilibrium.
technical efficiency is related to change in output due to change in input and economic efficiency refers to a number of related concepts.
no difference
The meaning of economies of product differences... The greater the difference in products produced by two economies the greater the economic efficiency to be obtained from trade between the two as per the theory of comparative advantage.
the difference history of economic and history of economic thought
U.S. regions have hot and cold places.
technical efficiency is related to change in output due to change in input and economic efficiency refers to a number of related concepts.
Efficiency is the property of society getting the most is can from its scarce resources, and equality is the property of distributing economic prosperity uniformly among the members of society.
no difference
The meaning of economies of product differences... The greater the difference in products produced by two economies the greater the economic efficiency to be obtained from trade between the two as per the theory of comparative advantage.
the difference history of economic and history of economic thought
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If cultural differences are not understood and respected, then there can be miscommunication and misunderstandings in the workplace, friction between workers, and between workers and management, will increase and workplace efficiency will decline.
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U.S. regions have hot and cold places.
There are differences in the way economic and economical is used. Economic refers to the economy and finances while economical describes a thrifty person.
Technical decisions can provide insight into economic decisions that need to be made. Technology can be used to discover outcomes and determine how long it will take to pay something off, such as a mortgage.
Differences between multinational and domestic companies are found in the legal and economic structure. Also, exchange rate risks are different.