1
Q
Productive Efficiency
A
Ability to produce largest possible output from available resources
2
Q
Pareto Efficiency
A
To make something better you have to make something worse off
3
Q
Allocative Efficiency
A
Production is aligned with preferences of consumer and producers
Econ Theme 1
flashcards
Decks in class (26)
# Cards
-
The Three Efficiencies3
-
Interrelated Markets5
-
Scarcity (1)3
-
PPF Curve (2)4
-
Business Objectives (CH 2)10
-
Stakeholder (CH 3)7
-
Entrepeneurs Role (CH 4)5
-
Why start a Business? (CH 5)1
-
Market Equalibrium (5)4
-
Specialisation (CH6)4
-
How does Economic Change affect Business? (CH7)10
-
Demand (CH 8)3
-
Supply (CH 9)6
-
Consumer and Producer Surplus5
-
Price Mechanism (CH11)3
-
Understanding Consumers (CH 12)16
-
How do Firms Compete (CH13)15
-
Role of Banks? (CH14)8
-
How Banks cope with Risk and Liability? (CH 15)5
-
How do firms find the finance they need? (CH 16)8
-
What happens when the market fails? (CH 17)10
-
Govt Intervention and failure (CH 18)5
-
Calculating Revenue and Costs (CH 19)11
-
Cost, Revenue, Profit Relationship (CH 20)9
-
Exploring Profit and Loss (CH 21)12
-
Business Survival and Cash Flow (CH 22)7
