Efficiency

?
  • Created by: Tango21
  • Created on: 02-04-17 13:56
The optimum allocation of scarce resources that best accord with the consumers' pattern of demand MC=AR
Allocative Efficiency
1 of 7
The (optimum) combination of fixed and variable factors and variable factors that minimizes ATC
Optimum Output
2 of 7
Efficiency at a point in time - includes allocative and productive efficiency
Static Efficiency
3 of 7
Efficiency over time - new products, techniques and processes which increase economic growth
Dynamic Efficiency
4 of 7
MC=AC
Productive Efficiency
5 of 7
MC=AR
Allocative Efficiency
6 of 7
MC=MR
Profit Maximisation
7 of 7

Other cards in this set

Card 2

Front

The (optimum) combination of fixed and variable factors and variable factors that minimizes ATC

Back

Optimum Output

Card 3

Front

Efficiency at a point in time - includes allocative and productive efficiency

Back

Preview of the front of card 3

Card 4

Front

Efficiency over time - new products, techniques and processes which increase economic growth

Back

Preview of the front of card 4

Card 5

Front

MC=AC

Back

Preview of the front of card 5
View more cards

Comments

No comments have yet been made

Similar Economics resources:

See all Economics resources »See all Production and efficiency resources »