Examlex
Which of the following is a superordinate level concept?
Efficiency
Efficiency in economics means the optimal allocation of scarce resources to meet the desired objectives, minimizing waste and maximizing value.
Economy
A broad term that encompasses all activities related to the production, consumption, and trade of goods and services in an area or country.
Partial Equilibrium
A concept in economic analysis that examines the equilibrium condition in a single market or sector without considering interactions with other markets or sectors.
Technological Advance
The improvement or development of new methods, devices, or materials that increase efficiency and productivity.
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