Asked by
Betsyy Ibanez
on Oct 27, 2024Verified
In most cases,economic efficiency is achieved through:
A) incentives built into a market economy.
B) reducing regulation.
C) individuals seeking out opportunities that involve no risk.
D) maximizing equity.
Economic Efficiency
A condition in which all available resources are utilized in a way that produces the highest combination of quantity and quality of goods and services.
Market Economy
An economic system in which decisions on production and consumption are based on voluntary exchange in markets.
Incentives
Factors, monetary or otherwise, that motivate individuals or businesses to act in a certain way, typically to achieve certain goals or outcomes.
- Identify factors that lead to market efficiency and the incentives built into market economies.
Verified Answer
FL
Learning Objectives
- Identify factors that lead to market efficiency and the incentives built into market economies.