Asked by
Maggie Cihelkova
on Nov 06, 2024Verified
________ economy is an economy that produces what consumers demand and does so at the least possible cost.
A) An inefficient
B) An efficient
C) A government-controlled
D) A command
Efficient Economy
An economy that optimally allocates its resources, producing the maximum amount of goods and services possible from its input resources.
Consumers Demand
The desire of purchasers, consumers, or clients for a particular commodity or service supported by purchasing power.
Least Possible Cost
The minimum expenditure necessary to achieve a specific outcome or procure a good or service, often used in the context of production or economic theory.
- Understand the concept of efficiency in economics.
Verified Answer
TR
Learning Objectives
- Understand the concept of efficiency in economics.