220.127.116.11 Static and Dynamic Efficiency (AQA A Level Economics Teaching Powerpoint)
Last updated 14 Sept 2023
This editable and downloadable PowerPoint covers Static and Dynamic Efficiency.
In a nutshell, economic efficiency is all about maximizing the use of resources to produce goods and services in the best possible way. It's about getting the most bang for your buck! More specifically, economic efficiency involves allocating resources in a way that maximizes production while minimizing costs. It also involves minimizing waste and inefficiency in production, distribution, and consumption. The ultimate goal of economic efficiency is to maximize social welfare - basically, the greatest good for the greatest number of people.
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