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Your Heart May Race When You Are Confronted by a Lion

question 60

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Your heart may race when you are confronted by a lion but not when you are approached by a kitten.This best illustrates the adaptive value of


Definitions:

Allocative Efficiency

A state of the economy where resources are apportioned in a way that maximizes the overall benefit to society.

Productive Efficiency

A state where an economy or entity cannot produce more of one good without producing less of another, utilizing all resources in the best possible way without waste.

Economic Profit

The difference between total revenue and the total opportunity costs (both explicit and implicit) of all resources used.

Productive Efficiency

A situation where goods and services are produced at the lowest possible cost and resources are utilized most effectively.

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