_____ Can Be Defined as the Process by Which Information

question 67

Short Answer

_____ can be defined as the process by which information is exchanged and understood by two or more people, usually with the intent to motivate or influence behavior.

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Definitions:

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 marginal benefit equal to its marginal cost of production.

Productive Efficiency

A situation in which an economy or entity can no longer produce additional amounts of a good without lowering the production level of another product.

Substitute Goods

Products or services that can be used in place of each other, having a positive cross-elasticity of demand.

Productive Efficiency

A situation in which a good or service is produced at the lowest possible cost.