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In economics, efficiency refers to the optimal allocation of resources to maximize output and minimize waste. It encompasses various concepts, including productive efficiency, where goods are produced at the lowest cost, and allocative efficiency, where resources are distributed according to consumer preferences. An efficient economy operates in such a way that no additional output can be gained without sacrificing another good or service. Overall, efficiency indicates that resources are being used in the best possible way to meet societal needs and wants.
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What does efficiency mean in economics?
In economics, efficiency means the overall use of resources. The overall use of resources can help maximize the production of the goods. In turn, the potential to make more money is there.
What does the term 'allocative efficiency' refer to?
Allocative efficiency is the concept in economics where manufacturers and service providers only produce those goods and services which are in high demand and the most desirable to the consumer.
What does the term environmental economics mean?
Environmental economics is a subfield of economics that deals with environmental issues. One main focus of environmental economics is market failure. Market failure is when the markets fail to efficiently allocate resources.
What is the plural for economics?
Economics is a collective term. It is used in the singular.
The term micro economics and macro economics were coined by?
Ragner Frisch.
What economics term describes the rate at which products are manufactured?
efficiency-------------- its not that. i have to say that it is " Productivity"
What does efficiency mean in economics?
In economics, efficiency means the overall use of resources. The overall use of resources can help maximize the production of the goods. In turn, the potential to make more money is there.
What does the term 'allocative efficiency' refer to?
Allocative efficiency is the concept in economics where manufacturers and service providers only produce those goods and services which are in high demand and the most desirable to the consumer.
What does the term environmental economics mean?
Environmental economics is a subfield of economics that deals with environmental issues. One main focus of environmental economics is market failure. Market failure is when the markets fail to efficiently allocate resources.
What is the plural for economics?
Economics is a collective term. It is used in the singular.
What is an isquant in economics?
Is the term used in economics which means Indifferent curves.
The term micro economics and macro economics were coined by?
Ragner Frisch.
What Best describes the goal of economics efficiency?
achieving full employment
What has the author Sajal Kumar Chattopadhyay written?
Sajal Kumar Chattopadhyay has written: 'ECONOMICS OF NURSING HOME CARE IN CONNECTICUT: FINANCING, COST AND EFFICIENCY' -- subject(s): Economics, General, Economics, Theory, General Economics, Theory Economics
What does the term "neat" mean?
done with or demonstrating skill or efficiency. "Howard's neat, precise tackling"
Who coined the term micro economics and macro economics?
not sure but i guess" J.M Keynes".
Definition of health economics?
Health economics is the studying of health as a whole and behaviors that affect our health. Efficiency in programs, effectiveness at getting the results desired, these are something's that concern this branch of economics.
