Asked by Nichole Stone on Jun 27, 2024
Verified
The property of society getting the most it can from its scarce resources is called
A) efficiency.
B) equality.
C) externality.
D) productivity.
Scarce Resources
Natural, human, and man-made inputs that have limited availability and are used for the production of goods and services.
Efficiency
The optimal use of resources to achieve the desired outcome with minimum waste or effort.
- Distinguish between the concepts of efficiency and equality in the context of economic policy.
Verified Answer
LS
Loren SandersJun 30, 2024
Final Answer :
A
Explanation :
Efficiency refers to the property of society maximizing its resources to get the most output or satisfaction. It involves making the best possible use of scarce resources to achieve the highest level of satisfaction or output.
Learning Objectives
- Distinguish between the concepts of efficiency and equality in the context of economic policy.