1
Q
What is productive efficiency?
A
Occurs when an economy uses minimum inputs to produce maximum outputs at the lowest cost
2
Q
What is allocative efficiency
A
Occurs when consumer satisfaction is maximised
A Level Economics
flashcards
Decks in class (15)
# Cards
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Unit 1 Key Definitions87
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Unit 2 Definitions84
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Key Words Micro88
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Micro Definitions70
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Macro Key Words91
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Surplus2
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Efficiency2
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Supply7
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Demand11
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Price Elasticity of Demand15
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Income Elasticity of Demand12
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Price Elasticity of Supply13
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Cross Elasticity of Demand11
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Micro Key Words96
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Essential Graphs2
