Question

define economy based on the principles of efficiency.​

Answer 1

Answer:

The efficiency principle is an economic tenet stating that any action achieves the greatest benefit to society when the marginal benefits from the allocation of resources are equivalent to its marginal social cost.

Explanation:

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Answer 2

Answer:

Economic efficiency

★Allocative or Pareto efficiency: any changes made to assist one person would harm another.

★Productive efficiency: no additional output of one good can be obtained without decreasing the output of another good, and production proceeds at the lowest possible average total cost.

Explanation:

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