Sterling Terrell

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You are here: Home / Potpourri / Economics 101: Efficiency

Economics 101: Efficiency

Economics 101: Efficiency

[This is part of the series: The Complete Guide To Economics 101.]

What is efficiency in economics?

Efficiency is the allocation of economic goods in a way that maximizes both producer surplus and consumer surplus.

Efficiency is essentially finding the best way of doing something, that benefits as many people as possible.

It’s doing the best with what you have.

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Filed Under: PotpourriTagged With: #Economics101

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