An economic outcome is said to be efficient if the economy is

using all of the scarce resources it has available.

conserving on resources, rather than using all available resources.

getting all it can get from the scarce resources it has available.

able to produce more than what is currently being produced without additional resources.

Question

Business

Belen Sutton

24 November, 06:53

An economic outcome is said to be efficient if the economy is

using all of the scarce resources it has available.

conserving on resources, rather than using all available resources.

getting all it can get from the scarce resources it has available.

able to produce more than what is currently being produced without additional resources.

+1

Answers (1)

Know the Answer?

Derek · Answer 1

The correct answer is: getting all it can get from the scarce resources it has available.

Explanation:

We are aware that in an economy we have scarce resources. These scarce resources have alternative use and are to be used to satisfy unlimited wants and needs. When choosing one alternative, we need to sacrifice the other.

In such a situation an outcome is said to be efficient if all the resources are being used efficiently. In other words, using the current level of resources if an economy cannot produce more output then it is efficient.