answersLogoWhite

0

That's means energy.

No, 'efficient' means getting the best out of the energy that you are using. Energy in itself can be used efficiently or inefficiently.

User Avatar

Wiki User

16y ago

What else can I help you with?

Continue Learning about Economics

Which tools helps a producer set up an efficent systemof production?

A production possibilities frontier graph


How do absolute advantage and comparative advantage have in common?

Firstly absolute advantage is where a firm or producer can produce the good using less/fewer resources than another competitor, therefore the producer has the absolute advantage and is more economically efficent. Whereas Comparative advantage is where a firm can produce a good at a lower opportunity cost than another producer. So these to economic situations are very similar and are both about which producer is most economically efficent to produce certain goods, though they have one main thing in common. Knowing who has the absolute or the comparative advantage means the producers can use specialisation to esure the least resources are produced and the best firms who can produce the good the best are producing them.


Is communism or capitalism more efficent?

Yes: people in Communism are free to do worthwhile and rewarding work, and can live comfortably with free access to what has been produced. Under capitalism, the vast majority have to work for an employer and their consumption is limited by their wage.


What does means of production mean?

Means of production means how things are made, milling would be a means of production. Basically how things are made is it by machine or human things like that.


What is the best dfinition of the means of production?

Means of production means the facilities and resources for producing goods (especially in a political context).