Examlex
A process that is in six-sigma control will produce no more than two defects out of every million units.
Economically Inefficient
A situation where resources are not allocated in a way that maximizes the total benefit to society, often resulting in wasted or misallocated resources.
Voter Failure
A situation where voters are uninformed or make irrational decisions, leading to outcomes not reflecting the true preferences of the majority.
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 utility level equal to the cost of producing it.
Productive Efficiency
A situation where the economy or an economic system operates in a way that it cannot produce more of one good without affecting the production of another good.
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