Asked by Miladis Rivas on Jul 22, 2024
Verified
Efficiency means that
A) society is conserving resources in order to save them for the future.
B) society's goods and services are distributed equally among society's members.
C) society's goods and services are distributed fairly, though not necessarily equally, among society's members.
D) society is getting the most it can from its scarce resources.
Scarce Resources
Resources that are limited in availability and are used to produce goods and services, leading to the necessity of making choices about their allocation.
Efficiency
The effectiveness with which resources are used to produce goods and services, achieving the highest output with the lowest input.
- Identify the distinctions between efficiency and equality in the realm of economic policy.
Verified Answer
JS
Jared SmallJul 22, 2024
Final Answer :
D
Explanation :
Efficiency in economics refers to the optimal production and distribution of resources, meaning society is maximizing the output or benefits from its limited resources. This does not necessarily involve conservation for the future (A), equal distribution (B), or fair distribution (C), but rather making the best use of what is available now.
Learning Objectives
- Identify the distinctions between efficiency and equality in the realm of economic policy.