Question

who offered the definition of economic based on efficiency​

Answer 1

Answer:

Explanation:

In other words, the situation where some people cannot be made better-off by reallocating the resources or goods, without making others worse-off. It indicates that a balance between benefit and loss has been achieved. Also called allocative efficiency. See also economic inefficiency and Pareto optimum.Economic efficiency implies an economic state in which every resource is optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency. When an economy is economically efficient, any changes made to assist one entity would harm another.

Answer 2

Answer:

In other words, the situation where some people cannot be made better-off by allocating the resources or goods, without making others worse-off. It indicates that a balance between benefit and loss has been achieved. Also called allocative efficiency. See also economic inefficiency and Pareto optimum.

Economic efficiency implies an economic state in which every resource is optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency. When an economy is economically efficient, any changes made to assist one entity would harm another.

Definition. Economic efficiency is a broad term typically used in microeconomics in order to denote the state of best possible operation of a product or service market. Economic efficiency assumes minimum cost for the production of a good or service, maximum output, and maximum surplus from the operation of the market.

Explanation:

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