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

Explain the terms trade and the balance of trade, Distinguish between the t...

Distinguish between the terms of trade and the balance of trade. Basic explanation of the terms of trade as the average price of exports in relation to the average price of imp

Rational producer, would a rational producer be concerned with the average ...

would a rational producer be concerned with the average or marginal product of an input in dec

Micro Economic Theory, a monopolist faces a demand curve Qd- 120-2p and has...

a monopolist faces a demand curve Qd- 120-2p and has costs given by C(Q)=20Q+100 (marginal cost is constant at $20) a. What is the optimal Price and Quantity for this monopolist?

Methodology of econometrics, Methodology of econometrics involving three st...

Methodology of econometrics involving three stages 1. Specification of the model using a specific stochastic equation, together with a priori theoretical expectations about th

Concept of diminishing returns, in aid of a diagram explain the concept of ...

in aid of a diagram explain the concept of diminishing returns in production

Consumer surplus, detail of consumer surplus with examples

detail of consumer surplus with examples

Marginal utility., marginal utility is applied on money or not

marginal utility is applied on money or not

What is corporate governance, What is corporate governance? Why is it impor...

What is corporate governance? Why is it important for board of directors to ensure good corporate governance within a company? Students need to define corporate governance concisel

Bls classify people who are not in the labor force, How does the BLS classi...

How does the BLS classify people who are "not in the labor force," and what people are often in this category?  If an individual surveyed (that is, who is age 16 or over and no

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