The Resource Use and Waste Production of a Person or Group

question 1

Multiple Choice

The resource use and waste production of a person or group based on the amount of land needed to support that person's or group's consumption habits is more commonly known as:

• A) the holistic impact.
• B) distributive justice.
• C) the ecological footprint.
• D) normative justice.

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Definitions:

Efficient Allocation

The distribution of resources in a way that maximizes the net benefit received by an economy.

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.