Define Allocative Efficiency

question 167

Essay

Define allocative efficiency.Explain the significance of this concept in economics?

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Definitions:

Productive

Relating to the ability to produce a significant amount or result, especially regarding work or economic activity.

Voice Recognition

A technology that allows devices to identify and interpret human speech, enabling hands-free control and interaction.

AI

Artificial Intelligence (AI) refers to the simulation of human intelligence in machines programmed to think and learn like humans.

IoT

Stands for Internet of Things, referring to the network of physical objects—devices, vehicles, appliances—that use sensors and APIs to connect and exchange data over the internet.