use of resources in such a way as to maximize the output of goods and services

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Efficiency is the use of resources in such a way as to maximize the output of goods and services.

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Asked 1/27/2019 8:13:57 AM

Updated 1/27/2019 11:35:46 AM

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emdjay23

Efficiency is the use of resources in such a way as to maximize the output of goods and services.

Added 1/27/2019 11:35:46 AM

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The act of giving up one benefit in order to gain another, greater benefit.

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Updated 1/27/2019 7:41:41 PM

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Masamune

Land is any natural resources used to produce goods and services.

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Outcomes that are not the ones foreseen and intended by a purposeful action

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Updated 1/27/2019 12:16:47 PM

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emdjay23

Outcomes that are not the ones foreseen and intended by a purposeful action are called unintended consequences.

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the extra cost of adding one unit\

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Updated 1/27/2019 11:33:33 AM

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emdjay23

The extra cost of adding one unit is marginal cost.

Added 1/27/2019 11:33:33 AM

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