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

different types of production funtion and curve given by different economist

Lending capacity of cash, Assume the banking system contains: Total Rese...

Assume the banking system contains: Total Reserves                         $ 80 billion Transactions Deposited          $800 billion Cash held by public                 $1

Construct anova design matrix - right reference cell coding, 1. Consider th...

1. Consider the following 2-way ANOVA Table with the group number listed in the cells of the table. Factor B=1 B=2 B=3 B=4

income and cross elasticities of demand, What are the income and cross ela...

What are the income and cross elasticities of demand?  Why might they be useful?  Explain.

Draw a marginal utility curve , Draw a marginal utility cureve for a good t...

Draw a marginal utility cureve for a good that has a constant marginal utility

2nd year chapter 3, why s-block elements are powerful reducing agent?

why s-block elements are powerful reducing agent?

Long run equilibrium, In the short run, the size of the plant is fixed wher...

In the short run, the size of the plant is fixed whereas in the long run a firm can adjust its plant size. One of the choices in the long run will be the short run plant size. That

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