Asked by Falantina Rashoo on Jul 16, 2024
Verified
An outcome is said to be efficient if an economy is getting all it can from the scarce resources it has available.
Efficient
Describes a system or process that achieves its objectives with minimal waste of time or resources.
Scarce Resources
Resources such as manpower, materials, and capital, which are limited in availability and essential for production processes.
- Distinguish between efficient, inefficient, and infeasible production levels.
Verified Answer
CS
Chancey SlusherJul 17, 2024
Final Answer :
True
Explanation :
An outcome is considered efficient if it maximizes the total output produced with the given set of resources and technology, meaning no additional output can be obtained without increasing the amount of inputs. This implies that the economy is utilizing its scarce resources in the most effective manner possible.
Learning Objectives
- Distinguish between efficient, inefficient, and infeasible production levels.
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