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

Ridge line., what is aridge line and significance in economics.

what is aridge line and significance in economics.

Please write an essay (2-2.5 pages) , Please write an essay (2-2.5 pages) b...

Please write an essay (2-2.5 pages) based on this paper You">http://www.nobelprize.org/nobel_prizes/economics/laureates/2001/akerlof-lecture.pdf You pick one over 6 macroeconomic

Production possibilities curve, What is the marginal opportunity producing ...

What is the marginal opportunity producing the first unit of paper? The marginal opportunity cost of producing the forth unit of paper?

Policy implications - structure of national income , Policy Implications: ...

Policy Implications: The expansion of the services sector  has wider implications for population, employment, and trade prospects of the economy, some of which are as follows:

Hello, using the indifference curve approach explain why the demand curve s...

using the indifference curve approach explain why the demand curve slope downwards from left to right...... is there any exceptions?

Determine the equilibrium price and quantity , The Market for Pool Rafts ...

The Market for Pool Rafts The market for pool rafts in Playa del Largarto is competitive and includes no transaction costs.  Five suppliers are willing to sell pool rafts in P

Amalgamation, explain the following disadvantages of amalgamation. Complex ...

explain the following disadvantages of amalgamation. Complex nature

Recent development of demand theory, RECENT DEVELOPMENT OF DEMAND THEORY: ...

RECENT DEVELOPMENT OF DEMAND THEORY:  The basic theory of consumer behaviour discussed in the previous unit can be extended in many directions, and can be applied to cover opt

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