efficiency
- 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
- value consumer places on good =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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