--%>

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 : Define cyclical fluctuations Define

    Define cyclical fluctuations?

  • Q : The Economics Of Property And

    There are THREE questions in this assignment. The overall word length for this assignment should be in the range of 2,000-2,500 words. You may incur a penalty if you exceed the upper value. You must state the total number of words

  • Q : Equal share criterion of distribution

    According to the equivalent share criterion of the distribution, individuals must: (1) Share income according to personal requirement. (b) All make equivalent shares of output. (3) Each consists of incomes equivalent to their productive output. (4) Re

  • Q : Introduction of the term Risk factor

    Give a brief introduction of the term Risk factor?

  • Q : Illustrate a fundamental characteristic

    Illustrate a fundamental characteristic of demand behavior?

  • Q : Speculators decreases price volatility

    Speculators decrease price volatility through, in effect, changing demand curves: (w) out at low prices, and shifting supply curves out at high prices. (x) out at low prices, and shifting supply curves within at low p

  • Q : Supply and demand at tax burdens and

    The new supply and demand curves within University City are S0 and D0. But after the county commission imposed at $3 per six-pack excise tax upon beer: (w) beer sellers' revenue after taxes decreases by $60,000 monthly. (x) buyers and sellers eac

  • Q : Why Public or social goods not be

    Why Public or social goods not be produced through the market?

  • Q : Illustrate 2nd function to promote and

    Illustrate the 2nd function to promote and maintain competition?

  • Q : Price charges of firm in perfectly

    Assume that the equilibrium price within a perfectly competitive industry is $15 and a firm into the industry charges $21 there. Which of the given will occur: w) the firm's profits will rise. x) The firm's revenue will rise. y) The firm will not sell