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Microeconomics > Market Failure > Flashcards

Market Failure Flashcards

1
Q

What is economic efficiency?

A

Making the best use of scarce resources

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2
Q

What are the main types of efficiency used in economics?

A

Productive efficiency- firms deliver the the highest possible output using the lowest amount of scarce resources.

Allocative efficiency- scarce resources are used in a way to maximise consumer satisfaction

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Microeconomics (5 decks)

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