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

Production having two outputs - economies of scope, Production having Two O...

Production having Two Outputs -Economies of Scope *  Economies of scope exist when joint output of a single firm is greater than the output which could be achieved by two diffe

#titlenatural resourses.., what are the benefits of natural resources and i...

what are the benefits of natural resources and industryquestion..

Total sales of industry, The sales of a company are the part of the total s...

The sales of a company are the part of the total sales of industry. If the conditions of industry changes then the sales of each of the firm in the industry is affected. All teh ti

Consumer equlibrium, have to do a group project on consumer equlibrium. plz...

have to do a group project on consumer equlibrium. plz help on wat sub topics to select (i am in college 1st year)

Structure of the imf, Structure of the IMF: The Central office of the ...

Structure of the IMF: The Central office of the IMF is in Washington DC, USA. It has 184 members. It is affiliated to the UNO. The highest authority of the IMF is the Board of

What is formal economy, Q. What is Formal Economy? Formal Economy:Secto...

Q. What is Formal Economy? Formal Economy:Sector of the economy that produces services and goods in return for monetary payment, and is fully integrated into the formal structu

Monopoly, if the inverse demand curve is p=120-Qand the marginal cost is co...

if the inverse demand curve is p=120-Qand the marginal cost is constant at 10, how does charging the monopoly a specific tax of 10 per unit affect the monopoly optimum and the welf

Cost-benefit analysis, Normal 0 false false false EN-IN...

Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4

Lending operations of world bank, Lending Operations of World Bank: Re...

Lending Operations of World Bank: Resources of the Bank consist of the capital and borrowings. The capital of the bank is contributed by its 184 member-countries. Besides,

MS6012 A01, Analyze the sustainable approach to waste reduction developed b...

Analyze the sustainable approach to waste reduction developed by the company you selected. Include the following: Its products Previous methods of production The way it implemented

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