Explain the term economic efficiency, Microeconomics

Assignment Help:

Explain the term economic efficiency? 

Answer:   Economic Efficiency means full utilization of all available resources in economy i.e. to produce the needed amount of goods and services. When economy is producing its needed amount of goods and services by utilizing all of its resources, then the economy is considered to be an efficient economy. 

 


Related Discussions:- Explain the term economic efficiency

Healthcare economic and finance, Which drug is likely to be the most profit...

Which drug is likely to be the most profitable for its producer (in terms of average “per-drug” profit)?

Hypotheses in fdi, The following hypotheses are concerned with the general ...

The following hypotheses are concerned with the general impact of FDI from Costa Rica trading partners on exports from the technology sector:  H1:   There is a positive signifi

Consumer behaviour, discuss how economic theory of marginal utility explain...

discuss how economic theory of marginal utility explains the optimum pattern of consumption for an individual consumer

Production function curve, different types of production funtion and curve ...

different types of production funtion and curve given by different economist

Scacity, if a commodity has limited demand , should economist say that we s...

if a commodity has limited demand , should economist say that we still have a scarcity ?

Production cost, how can draw the table and diagram of production function ...

how can draw the table and diagram of production function function with one veriable

Describe primary interests and theory of supply and demand, Part 1 - Sele...

Part 1 - Select a construction-based business of your choice and explain stakeholder theory to illustrate the primary interests of the stakeholder groups and identify any areas o

Define benefit pensions, Defined Benefit Pensions: A pension plan that pays...

Defined Benefit Pensions: A pension plan that pays a specified monetary benefit, generally based on a pensioner's years of service and their income at the time of retirement.

Cost function, function with equation,variable,parameter

function with equation,variable,parameter

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd