An outcome is said to be efficient if an economy is conserving the largest possible quantity of its scarce resources while still meeting the basic needs of society.

Question

Quizplus · Accepted Answer

Efficiency in an economic context typically refers to how well an economy is allocating its resources to maximize the production of goods and services. It does not specifically relate to conserving resources but rather to using them in a way that produces the most value or output.

An Outcome Is Said to Be Efficient If an Economy