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An efficient economy is one where resources are allocated in a way that maximizes productivity and minimizes waste. In such an economy, goods and services are produced at the lowest possible cost while meeting consumer demand effectively. Efficiency can be achieved through optimal use of labor, capital, and technology, ensuring that inputs are transformed into outputs with minimal loss. Ultimately, an efficient economy promotes sustainable growth and improves overall welfare.
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Is an economy is efficient when it has achieved full production?
The economy is efficient only when it has achieved full employment and full production
What is the significance of interest rate on an economy?
to make the economy more effective and efficient
How does a production possibilities curve illustrate how efficient an economy is?
A production possibilities curve illustrates how efficient an economy is by indicating the possibly opportunities in the economy. This will also illustrate the relevant costs entailed in the production.
What does specialization do for the economy?
it makes it more efficient
Why do centrally planned economies tend not to be efficient?
What are two reasons why a centrally planned economy tend to be less efficient than a market base economy
Is an economy is efficient when it has achieved full production?
The economy is efficient only when it has achieved full employment and full production
What is the significance of interest rate on an economy?
to make the economy more effective and efficient
How does a production possibilities curve illustrate how efficient an economy is?
A production possibilities curve illustrates how efficient an economy is by indicating the possibly opportunities in the economy. This will also illustrate the relevant costs entailed in the production.
What does specialization do for the economy?
it makes it more efficient
Why do centrally planned economies tend not to be efficient?
What are two reasons why a centrally planned economy tend to be less efficient than a market base economy
What effect does new technology usually have on an economy?
It makes the economy stronger and more efficient.
What usually makes an economy stronger and more efficient?
technology
What is the definition of an efficient economy?
to use the system in a wise manner
An economy that is producing the maximum amount of goods and services is considered?
efficient
An economy is efficient when is has achieved?
both full employment and full production
What does the abbreviation ACEEE mean?
American Council for an Energy-Efficient Economy
An economy working below its most efficient production levels?
An economy working below its most efficient production levels points inside the production possibilities frontier. This is in the context of a production possibilities curve.
