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

Gift giving etiquette, Manners of reaching to someone's place with a presen...

Manners of reaching to someone's place with a present of anything like flowers, chocolates, etc. In U.S., it's not feel good to give flowers to women by men. If a man giving some g

Explain key assumptions and desired properties, Explain the key assumptions...

Explain the key assumptions and desired properties commonly used economics. Economists generally make all or some of the given key assumptions and a condition while they study

Demand for risky assets, Demand for Risky Assets *  Assets - Somethi...

Demand for Risky Assets *  Assets - Something which provides a flow of money or services to its owner. -  The flow of money or services can be explicit or implicit . *

Revenue, what is the meaning of total revenue?

what is the meaning of total revenue?

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

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

Law of variable proportion, discuss the law of variable proportion with the...

discuss the law of variable proportion with the help of isoquants

Assignment, Telecommunications industry in South Africa

Telecommunications industry in South Africa

Economics, what is the differences between utility theory, indifference the...

what is the differences between utility theory, indifference theory and revealed preference theory

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