School of Economics | Economic Efficiency
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The fundamental economic problem is a scarcity of resources. Definition of efficiency Efficiency is concerned with the optimal production and distribution of these scarce resources. There are different types of efficiency 1. Productive efficiency This occurs when the maximum number of goods and services are produced with a given amount...

The fundamental economic problem is a scarcity of resources. Definition of efficiency Efficiency is concerned with the optimal production and distribution of these scarce resources. There are different types of efficiency 1. Productive efficiency This occurs when the maximum number of goods and services are produced with a given amount...