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

Microeconomics, when the demand function is 2Q-24+3P=0,find the marginal re...

when the demand function is 2Q-24+3P=0,find the marginal revenue when Q=3.

Elasticity, what are the uses of elasticity to the private sector

what are the uses of elasticity to the private sector

State intervention in an economy, Problem 1: The last half-century has ...

Problem 1: The last half-century has witnessed major changes in the role that governments of developing countries have played, especially in terms of public spending. (a) Ex

Analysis utility, difference between the cardinal analysis theory and ordin...

difference between the cardinal analysis theory and ordinal theory

Define Gibb''s Energy, Gibb''s energy In every chemical system, the substa...

Gibb''s energy In every chemical system, the substance moves in a direction in which there is a decrease in free energy, for example i.e. ?G is negative. G = H - TS where, G is

Roger, What would be a factor that would make the prospects hopeful for ove...

What would be a factor that would make the prospects hopeful for overcoming the demand for resources in the future

Iso, what is an iso curve

what is an iso curve

Official reserve account, Official Reserve Account: This part of the bal...

Official Reserve Account: This part of the balance of payments informs us about how the balance of both current and capital accounts taken together is settled.Transaction in thi

Fiat money in europe , Fiat money is not a new idea.  Some European histori...

Fiat money is not a new idea.  Some European historians recognize the first use of fiat money in Europe resulting from gold and silver smiths issuing their customers receipts for g

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