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Diamond Smith
on Nov 17, 2024

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An outcome is said to be efficient if an economy is conserving the largest possible quantity of its scarce resources while still meeting the basic needs of society.

Efficient

Efficiency refers to the optimal production and distribution of resources in a way that best meets the needs and desires of consumers.

Scarce Resources

Natural, human, and capital resources that are limited in supply and can be used for the production of goods and services.

  • Differentiate among productive levels that are effective, ineffective, and unattainable.
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RD
Rohan DhulipallaNov 24, 2024
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