An Efficient Outcome in Economics Is One in Which the Economy

question 103

True/False

An efficient outcome in economics is one in which the economy is conserving the largest possible amount of resources, while still meeting the needs of society.

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Definitions:

Economic Theory

A broad concept that encompasses various theories and principles aimed at understanding how economies function, the factors that drive economic growth, and the distribution of resources.

Management Strategy

An overarching plan or set of goals designed to achieve competitive advantage and meet organizational objectives.

Content Theories

Theories in psychology and management that explain the specific things that motivate individuals at work, focusing on the content of those motivators.

Human Needs

Fundamental physiological and psychological requirements that motivate individuals and influence their behavior.