--%>
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 : Guideline for monetary policy using

    Question: In using the Taylor Rule as a guideline for monetary policy, what are the pros and cons of using forecasted values of inflation and output rather than observed values of these variables? Answer: <

    		•
  • Q : Illustrate several theories about

    Illustrate several theories about causation?

    		•
  • Q : What do you mean by inflation What do

    What do you mean by inflation

    		•
  • Q : Loathed monopolization and viewed of

    Adam Smith and most of the typical economists who followed instantly in his footsteps: (i) viewed monopoly as no big problem. (ii) encouraged monopolies due to their research and development abilities. (iii) thought monopoly power was a communist plot

    		•
  • Q : Determine opportunity costs while

    Marrying the one you love involves opportunity costs, mainly since: (i) being married limits your freedom to marry someone else, and you should also consider making someone else happy while making decisions which affect both of you. (ii) two can live

    		•
  • Q : Writ short note on the Income of

    Writ short note on the Income of personal distribution?

    		•
  • Q : Activities of speculators in long turn

    The activities of speculators tend to, in the long run: (w) decrease the volatility of prices. (x) attract legal attention resulting in imprisonment. (y) increase the level and volatility of prices. (z) yield tremendous profits and raise costs to cons

    		•
  • Q : Qualitative and Quantitative data What

    What is the difference between qualitative data and quantitative data, provide an example of each.

    		•
  • Q : Elucidate Participants in international

    Elucidate Participants in international trade of U.S. and World Trade?

    		•
  • Q : Explain about the successful speculation

    Successful speculation tends to: (1) generate inflationary pressure. (2) assist stabilize relative prices. (3) reduce the incomes of the eventual producers of goods. (4) make relative prices more volatile. (5) increase the risk born through the eventu

    		•