Examlex
Compare and contrast the structural functionalist and conflict approaches to the study of environmental problems. Use specific examples to illustrate each perspective. Then discuss the strengths and weaknesses of each perspective.
Allocative Efficiency
A state of the economy in which production represents consumer preferences; every good or service is produced up to the point where the last unit provides a benefit to consumers equal to the cost of producing it.
Productive Efficiency
A state where goods and services are produced at the lowest possible cost and resources are utilized in the most efficient way.
Economies of Scale
The cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output decreasing with increasing scale.
Essential Raw Materials
Fundamental inputs necessary for the production of goods, often considered critical for a country's economy and security.
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