Asked by Nicholas Coombs on Jul 22, 2024
Verified
________ occurs when the economy is producing what people want at least possible cost.
A) Efficiency
B) Equity
C) Stability
D) Maximum profit
Efficiency
The extent to which resources are used optimally to achieve the desired outcomes with minimum waste.
- Understand the principle of productivity efficiency as it relates to consumer choice.
Verified Answer
SG
Shaunee GonzalesJul 27, 2024
Final Answer :
A
Explanation :
Efficiency in economics refers to the optimal production and distribution of resources, meaning the economy is producing what people want at the least possible cost.
Learning Objectives
- Understand the principle of productivity efficiency as it relates to consumer choice.