Question

1 "Producing maximum possible amount of goods and services from the given amount of resources" is known as * O Efficiency in production O Efficiency is consumption 0 Efficiency in employment O Overall economic efficiency​

Answer 1

Production-efficiency

Explanation:

• Efficiency in production refers to a maximum level of producing the cost-efficient product by utilizing all the resources at full capacity. At the maximum production-efficiency, any entity cannot produce any additional unity without lowering the production of the another product.

• Maximum Efficiency in production could be difficult to get. That's why Entity try to balance the use of the resources, rate of the production, and quality of goods that is going to be produced.