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How Can I Define Economic Efficiency?
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Economic efficiency is a common term for the value assigned to a circumstance by some measure intended to detain the quantity of waste or other unwanted economic features present. Some of the measures of economic efficiency include Pareto efficiency, Kaldor-Hicks efficiency, X-efficiency, Allocative efficiency, Distributive efficiency and Productive efficiency
Economic efficiency means that the right people will definitely receive the right goods and services. It allocates resources to certain individuals who will probably most successful in gaining social power. The term that best describes economic efficiency is the rich get richer and the poor get poorer.
answered 2 years ago
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