Explain What Is Meant by Economic Efficiency

question 256

Essay

Explain what is meant by economic efficiency. Does efficiency imply that the fastest production processes or the most powerful equipment must always be used? Explain.

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Definitions:

Demoting

In the context of hierarchical structures or lists, demoting refers to the action of lowering an item's rank or position.

Lower-level Paragraph

A sub-unit of text that develops a particular point within a section, often indicated by indentation or numbering.

Drag and Drop

Drag and drop is a pointing device gesture in which the user selects a virtual object by "grabbing" it and dragging it to a different location or onto another virtual object.

Normal View

The default viewing mode in many document and spreadsheet applications that displays the document in a simple layout for easy editing.