Asked by
Madeline Harrington
on Oct 27, 2024
Verified
Economists define an efficient use of resources as a situation in which:
A) one person can be made better off but only by making another person worse off.
B) all persons can be made better off without making anyone worse off.
C) all persons receive an equal share of the resources.
D) all persons are made worse off when one person is made better off.
Efficient Use
The utilization of resources in a manner that maximizes the production of goods and services.
Resources
Assets or inputs available for use in the production process, including natural, human, and capital resources.
- Perceive the concept of economic efficiency and the manner in which it is defined.
Verified Answer
ER
Learning Objectives
- Perceive the concept of economic efficiency and the manner in which it is defined.