Question

Who offered the definition of economics based on efficiency?

Answer 1

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.

Answer 2

Answer:

Explanation:

Samuelson and Nordhaus have combined the concept of 'scarcity',with 'efficency'