Strands of thought. There are two main strains of thought on economic
efficiency, which respectively emphasize the distortions created by governments
Economic efficiency implies an economic state in which every resource is
optimally allocated to serve each individual or entity in the best way while
Definition of economic efficiency: The situation in which it is impossible to
generate a larger welfare total from the available resources. In other words, the ...
The fundamental economic problem is a scarcity of resources. Definition of
efficiency. Efficiency is concerned with the optimal production and distribution or
Thus, economic efficiency is measured not by the relationship between the
physical quantities of ends and means, but by the relationship between the value
In this lesson, we will learn what economic efficiency means. We will then look at
some factors that help define this type of economy. Lastly, we...
Article answers the question "What does Economic Efficiency mean?" for those
new to economics.
Economic efficiency indicates an economic state in which all resources are
allocated to serve each person in the best way possible, minimising waste and ...
This is a revision presentation on economic efficiency.
Volume URL: http://www.nber.org/books/jami76-1. Publication Date: 1976.
Chapter Title: Concepts of Economic Efficiency and Educational. Production.