Economies are most efficient when there is competition.
Pure market economies always rely on supply and demand to allocate resources without government intervention. In such systems, prices are determined by the interactions between consumers and producers, leading to efficient distribution of goods and services. However, pure market economies can also lead to inequalities and may not adequately address public goods or externalities. As a result, most economies incorporate some level of government regulation to balance these issues.
production possibilities graph
resources
The most efficient combination would be one which uses the smallest total quantity of all resources
Competition
the most efficient use of resources in producing what people want
The colonizers used the resources of their colonies to grow their own economies.
resources
Oil is the natural resource that played the largest role in the economies
production possibilities graph
A survey of resources for efficient guidance and counseling service in tertiary institutions?"
resources
They used oil resources.
it means optimum utilisation of resources or efficient management of resources as to maximise output.
The most efficient combination would be one which uses the smallest total quantity of all resources
Competition
competiton