An economy is efficient when
[DOC File]ANSWER KEY
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The economic analysis of markets concludes that, in most sectors of the economy, active competition is the most effective means to achieve, 1) efficiency and innovation in the supply of goods and services; and 2) consumer protection, by providing choice among competitive offerings.
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efficient and profitable methods FOR WHOM TO PRODUCE? By custom – whoever. usually received. products will again. receive them The government controls the distribution system for goods/services: housing, transportation, consumer. items and sets prices The consumers’ income determines who receives which goods/services Economics:
[DOC File]Characteristics of Well-functioning Markets
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C. make the economy more efficient. D. ensure personal freedoms. 13. Double jeopardy is. A. putting someone on trial for the same crime in a different state. B. the right of the government to take private property and use it for public use. C. putting someone on trial again for …
[DOCX File]Product Possibilities Curve Worksheet
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It also taxes and spends, employs many people, and gives direct aid and assistance – things we call Safety Nets. The govt. tries to stabilize the economy and prevent market failures. Our economy strives to meet the broad social and economic goals of freedom, security, equity, growth, efficiency, and stability. Fundamental Economic Concepts Review
[DOC File]The Econ Forum | Just another WordPress.com weblog
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A Value for money means providing a service in a way which is economical, efficient and effective. B Economy means doing things cheaply: not spending $2 when the same thing can be bought for $1. C Efficiency means doing things quickly: minimising the amount of time that is spent on a given activity.
[DOC File]AP ECONOMICS CHAPTER 2 STUDY GUIDE TB2
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Label the points where the economy would be efficient (A), underutilized (B) and unattainable (C).
[DOC File]Short Answer, Multiple Choice, and Fill in the Blank
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A) make the economy more efficient by slowing down the movement of resources to a more optimal rate. B) make the economy more efficient by reducing poor decisions on the part of entrepreneurs. C) prevent resources from flowing to their highest valued uses. D) allow profits and losses to provide a signaling function. 80) A constant—cost industry
[DOC File]Product Possibilities Curve Worksheet
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A) attainable and the economy is efficient. B) attainable, but the economy is inefficient. C) unattainable, but the economy is inefficient. D) unattainable and the economy is efficient. 15. If an economy is operating at a point inside the production possibilities curve, it indicates that: A) society's resources are being poorly utilized.
[DOC File]Economics: the study of the allocation of scarce resources
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The idea of efficiency is that an outcome is efficient if the economy is getting all it can from the scarce resources it has available. In terms of the production possibilities frontier, an efficient point is a point on the frontier, such as point A in Figure 4. A point inside the frontier, such as point B, is inefficient since more of one good ...
Economic Efficiency Definition
Label the points where the economy would be efficient (A), underutilized (B) and unattainable (C). What is the opportunity cost of moving from point A to point B? What is the opportunity cost of moving from point B to point C? What is the opportunity cost of moving from point D …
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