--%>
Assignment Help - homework help

Describe two kinds of efficiency Full production imply

Describe two kinds of efficiency Full production imply?

E

Expert

Verified

1. Locative efficiency means that resources are used for producing the combination of goods and services most wanted by society.

Eg: instead of long-playing records producing compact discs with productive resources or computers with word processors rather than manual typewriters.

2. Productive efficiency means that least costly production techniques are used to produce wanted goods and services.

   Related Questions in Business Economics

  • Q : Raising consumer surplus problem For

    For the question below, utilize the given information. The market for gizmos is competitive, with an increasing sloping supply curve and a downward sloping demand curve. With no govt. intervention, the equilibrium price is $25 and the equilibrium quantity is 10,000 gi

    		•
  • Q : Government expenditures on goods and

    Explain Government expenditures on goods and services and transfer payments?

    		•
  • Q : What 2 points are required to emphasis

    What 2 points are required to emphasis foreign exchange market?

    		•
  • Q : Explain the definition of Economics

    Explain the definition of Economics?

    		•
  • Q : Determine the clearest illustration of

    The clearest illustration of economic inefficiency would be: (w) maintaining a warehouse full of pet rocks within hopes such that someday the fad will return. (x) pet rocks being unavailable to people willing to pay a price that exceeds the marginal s

    		•
  • Q : Utilitarianism of Jeremy Bentham The

    The utilitarianism of Jeremy Bentham is generally closely akin to the philosophies of: (1) Epicurianism and hedonism. (2) pragmatism and instrumentalism. (3) asceticism and stoicism. (4) dialecticism and materialism. (5) fundamentalism and predestinat

    		•
  • Q : Elucidate facilitating factors that

    Elucidate facilitating factors that explain the growth of trade?

    		•
  • Q : Characterized contestable markets

    Industries that are described as "contestable": (w) will experience long-run economic profits equal to zero. (x) are difficult for firms to enter, but not to exit. (y) are difficult for firms to exit, but not to enter. (z) will charge prices greater t

    		•
  • Q : Allocating resources and distribute

    The market system tends to mainly beneficial allocating resources and distributes goods while: (1) the distributions of wealth and resource ownership are extensively perceived as equitable. (2) markets are extremely competitive. (3) goods are rival an

    		•
  • Q : Elucidate the gains that have occurred

    Elucidate the gains that have occurred using the resources as before specialization?

    		•