efficiency

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  • Created by: ishah
  • Created on: 26-11-13 12:50
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  • efficiency
    • each good produced - min cost and indiv gets max benefit
    • productive
      • max output - least cost
    • alocative
      • value consumer places on good =MC
        • P=MC
    • taxes reduce market efficiency
      • reduce surplus's
    • scarcity of G&S
    • society can
      • growth
      • reduce wants
      • improve current resources
    • pareto optimality
      • cant make any1 worse off
      • social efficiency
      • not necessarilt fair
    • dynamic
      • range of choices & quality
    • techno
      • max output produced from given inputs

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