Economic efficiency is said to be achieved when both the conditions of productive and allocative efficiency are fulfilled. Productive efficiency arises when productin is carried out at lowest cost, i.e, at minimum average cost. On the other hand allocative efficiency arises when resources are allocated to teh production of those goods and services which consumers demand the most. This efficiency arises when price is equal to teh marginal cost of the good or service.
Economic efficiency exists in the idealistic perfect market model of perfect competition. However this market structure barely exists. Imperfections exist in all markets. Moreover even if a market is eficient there may be a misallocation of resources which does not give rise to wellbeing of the economy. Hence economic efficiency does not necessarily lead to welfare economics.
herding
I'm thinking it is Mixed
What is nigeria's economic system? What is nigeria's economic system?
Mecantilism in India was the prevailing economic practice of the europeans in which there was an excess of exports over imports.
use of protetective tariffs to suport industry
herding
Michael H. Trotter has written: 'Profit and the practice of law' -- subject(s): Economic aspects, Economic aspects of Practice of law, History, Practice of law
He would be best described as a pantheist.
increased efficiency of information processing with practice
A person's economic level - Apex
A person’s economic level
I'm thinking it is Mixed
the person economic level .
David L. McQueen has written: 'On the uncompleted task of defining competition' -- subject(s): Competition, Economic aspects, Economic aspects of Practice of law, Practice of law
As far as the political stability and economic stability is concerned, it can be achieved if each of the Muslim representatives of the state practice their right taking it as a sacred trust of Allah thinking that the ultimate authority rests with Allah and he is ultimately accountable to that if a keen system of transparency is prevalent in the Islamic state checking for corruption if meritocracy is preffered over nepotism when the practices of fair play and honesty are held higher to greed and hoarding of resources when earning a fair livelihood is given importance to the accumulation of unfair resources and exploitation then political stability can be achieved
A standard operating procedure is described with the correct terminology and format in clinical research and practice. Such formatting and word choice helps prevent confusion and makes the procedure concise and easy to follow.
the practice of herding as the primary economic activity of a society.