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∙ 11y agothe goal of economic efficiency is to waste less resources so more goods and services can be produced and so more wants and needs can be satisfied.
Wiki User
∙ 9y agoEconomic efficiency is concerned with amplifying the development of commodities or services while limiting asset depletion. The goal is to get the most output at the smallest expense.
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Difference between technical efficiency and economic efficiency?
technical efficiency is related to change in output due to change in input and economic efficiency refers to a number of related concepts.
What is efficiency is it the only goal of economic policy makers?
Efficiency is when a market that is guided by the invisible hand is able to capture all of the possible consumer and producer surplus. When all surplus is realized it is then that we can say a market is efficient. However, efficiency is not the only goal of an economic policy maker. Policy makers are equally as concerned about equality. The benefits in the market from trade can be viewed as a pie. Efficiency determines the size of that pie while equality equates to how the pie is sliced.
Does an increase of economic surplus in a market always mean that economic efficiency has increased?
No. If marginal cost of production decreases but market output stays the same, economic surplus and deadweight loss both increase, causing economic efficiency to decrease.
What describes the goal of economic efficiency?
achieving full employment
Which economic goal is associated with the idea of achieving maximum fulfillment of economic wants using the available productive resources?
Economic efficiency.
What are Three goals of the free enterprise system?
So-called free enterprise is concerned with making profits.
Difference between technical efficiency and economic efficiency?
technical efficiency is related to change in output due to change in input and economic efficiency refers to a number of related concepts.
What are advocates of deregulation are primarily concerned with?
Efficiency
What is efficiency is it the only goal of economic policy makers?
Efficiency is when a market that is guided by the invisible hand is able to capture all of the possible consumer and producer surplus. When all surplus is realized it is then that we can say a market is efficient. However, efficiency is not the only goal of an economic policy maker. Policy makers are equally as concerned about equality. The benefits in the market from trade can be viewed as a pie. Efficiency determines the size of that pie while equality equates to how the pie is sliced.
What is economic zoology?
it is mainly concerned with the animals of economic importance.
Who challenged the assumption that ethical behavior comes at the expense of economic efficiency?
who challenged the assumption that ethical behavior comes at the expense of economic efficiency
Does an increase of economic surplus in a market always mean that economic efficiency has increased?
No. If marginal cost of production decreases but market output stays the same, economic surplus and deadweight loss both increase, causing economic efficiency to decrease.
What has the author J Piesse written?
J. Piesse has written: 'Efficiency issues in transitional economies' -- subject(s): Industrial efficiency, Economic conditions, Production (Economic theory)
What is the economic life of a country?
Economic is the science which is concerned with how socities allocate scarce resources.
What describes the goal of economic efficiency?
achieving full employment
Which economic goal is associated with the idea of achieving maximum fulfillment of economic wants using the available productive resources?
Economic efficiency.
In an economic sense a social scientist is concerned with what?
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