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What is the concept of allocative efficiency in economics?
What is the concept of allocative efficiency in economics?
Allocative efficiency is when markets use scarce resources to make goods and services and satisfy the needs and wants of society.
Define dynamic efficiency in the context of resource allocation.
Define dynamic efficiency in the context of resource allocation.
Dynamic efficiency is when all resources are allocated, adapted and improved over time.
Explain the concept of inter-temporal efficiency.
Explain the concept of inter-temporal efficiency.
Inter-temporal efficiency refers to an entity's ability to maintain the right balance between resources used for the present and the future.
What does productive efficiency aim to achieve in an economy?
What does productive efficiency aim to achieve in an economy?
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How does inter-temporal efficiency differ from allocative efficiency?
How does inter-temporal efficiency differ from allocative efficiency?
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