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Economics Year 13 > Efficency > Flashcards

Efficency Flashcards

1
Q

Types of efficiency

A 
Allocative efficiency
Dynamic efficiency 
Productive efficiency 
Static efficiency 
Technical efficiency
Welfare economics
X inefficiency
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2
Q

Allocative efficiency

A

A society has a preference for education over health care. If society is achieving the level of education society demands then society is achieving allocative efficiency

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3
Q

X- inefficiency

A

Is the divergrance of a firms observed behaviour in practise inferred by a lack of competitive pressure, from efficient behaviour assumed or implied by economic theory

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Economics Year 13 (7 decks)

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