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Microeconomics Schedule D: Economic Efficiency


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Efficiency
Where the best use of resources is made for the benefit of consumers.
Allocative efficiency
Where consumer satisfaction is maximised
Productive efficiency
Where production takes place using the least amount of scarce resources.
Economic efficiency
where both allocative and productive efficiency are achieved
Inefficiency
Any situation where economic efficiency is not achieved
Pareto Efficiency
Where it is impossible to make anyone better off without making someone else worse-off.