Who offered the definition of economics based on efficiency?
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The situation in which it is impossible to generate a larger welfare total from the available resources. 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.
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Explanation:
Samuelson and Nordhaus have combined the concept of 'scarcity',with 'efficency'
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