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

Discuss american long run growth1800-1973, American Long Run Growth, 1800-1...

American Long Run Growth, 1800-1973 Throughout the 19th and the first three quarters of twentieth century the measured pace of economic growth continued to accelerate. The meas

Government increases the taxes on car ownership, Government increases the t...

Government increases the taxes on car ownership. Explain the possible market outcomes of such a decision.  As this is a tax paid by owners, and therefore not levied indirectly

Regression on return from schooling and ability, how to estimate a regressi...

how to estimate a regression model that tests for higher ability individuals get a greater return from schooling

Implementation of economic policy, Implementation of economic policy: ...

Implementation of economic policy: On the ability of civil servants and Government to learn, Government must possess the following qualities to ensure implementation of econom

What are the important functions to maximize total surplus, What are the im...

What are the important functions to maximize total surplus? The market equilibrium maximizes total surplus since the market performs four significant functions are as follows:

Capital account, Capital Account: The capital account deals with long an...

Capital Account: The capital account deals with long and short-term capital movement.These capital movements are referred to as autonomous because they take place for business o

Welfare economics, Prove the theory of second best with the help of a diagr...

Prove the theory of second best with the help of a diagram

Unemployment, Unemployment: Individuals who want to be employed, and are ac...

Unemployment: Individuals who want to be employed, and are actively seeking work, but can't find a job, are considered ‘officially' unemployed. Individuals who aren't working, but

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