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| economic efficiency definitions | |||
|---|---|---|---|
| # | Definition | Sets | |
| 1 | condition that occurs when all goods and services are produced and consumed at their respective socially optimal levels | 4 sets | |
| 2 | a situation in which all of the potential gains from trade have been realized. | 3 sets | |
| 3 | maximum production of goods and services with fullest employment of an economies resources. | 3 sets | |
| 4 | a market outcome in which the marginal benefit to consumers of the last unit produced is equal to its marginal cost of production, and in which the sum of consumer surplus and producer surplus is at a maximum. | 2 sets | |
| 5 | the factors of production must be used wisely | 2 sets | |
| 6 | a market outcome in which the marginal benefit to consumers of the last unit produced is equal to its marginal cost of production and in which the sum of consumer surplus and producer surplus is at a maximum. | 2 sets | |
| 7 | wise use of available resources so as to obtain the greatest benefits possible | 2 sets | |
| 8 | producing a given output at the lowest possible cost | 1 set | |
| 9 | refers to producing a given output at the lowest possible cost | 1 set | |
| 10 | an economic goal that is based on the desire of people to use resources wisely | 1 set | |
| 11 | wise use of available resources so that costs don't exceed benefits; having to determine if the cost is worth the benefits | 1 set | |
| 12 | a market outcome in which the marginal benefit to consumers of the last unit produced is equal to its marginal cost of production and in which the sum of consumer and producer surplus is at a maximum | 1 set | |
| 13 | best use of scared resources | 1 set | |
| 14 | the wise use of resources so that people get more of what they want and need over time | 1 set | |
| 15 | a market outcome in which the marginal benefit to consumers of the last unit produced is equal to its marginal cost of production and in which the sum of consumer surplus and producer surplus is at a maximum | 1 set | |
| 16 | when the cost of producing a given output is as low as possible | 1 set | |
| 17 | resources used wisely and benefits gained are greater than costs incurred | 1 set | |
| 18 | condition that occurs when all goods and services are produced and consumed at their respectively socially optimal levels. | 1 set | |
| 19 | max product; min resources; measured in $ | 1 set | |
| 20 | economic goal, economizing problem | 1 set | |
| 21 | economic decisions-making must be efficient so that benefits gained are greater than cost incurred | 1 set | |
| 22 | occurs when all goods and services are produced and consumed at their socially optimal levels | 1 set | |
| 23 | condition that occurs when all gods and services are produced and consumed at their respective socially optimal levels | 1 set | |
| 24 | obtaining a particular output of product with the least input of scarce resources, when both output and resource inputs are measured in dollars and cents (least-cost production) | 1 set | |
| 25 | maximization of aggregate consumer and producer surplus | 1 set | |
| 26 | refers to how well productive resources are allocated with respect to the costs and benefits of using those resources, when it is improved only if the additional benefits exceed the additional costs | 1 set | |
| 27 | a state of affairs in which it is impossible to make any change that satisfies one person's wants more fully without causing some other person's wants to be satisfied less fully | 1 set | |
| 28 | getting the most of what we want from scarce resources | 1 set | |
| 29 | wise use of availible resources so that costs don't exceed benefits | 1 set | |
| 30 | using resources wisely so that ppl will be as well off as possible given our available resources | 1 set | |
| 31 | achieving a goal at the lowest possible cost. | 1 set | |