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efficiency

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allocative efficiency

allocative efficiency  

A term used by health economists to describe the degree to which resources are allocated efficiently. The economic analysis may or may not take ethical issues into account, and equitable resource ...
factory system

factory system  

The ‘factory system’ has been an important element in the accelerating processes of industrialization known as the industrial revolution. As British industrial enterprises expanded in the 18th cent., ...
normative economics

normative economics  

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The part of economics that is concerned with how the economy ought to be run. The main considerations are efficiency and equity. On the efficiency side, it asks whether any given objective could be ...
productive efficiency

productive efficiency  

The actions that minimize costs, such as loss, economic penalty, for a given outcome. See efficiency.
technical efficiency

technical efficiency  

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Those aspects of efficiency concerned with obtaining the largest possible level of output for a given quantity of inputs, or using the smallest possible quantity of inputs to obtain a given output. ...
trade-off

trade-off  

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The requirement that some of one good or one objective has to be given up to obtain more of another. The need to trade off goods or objectives against one another is a sign of economic efficiency; if ...
welfare economics

welfare economics  

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The part of economics concerned with the effects of economic activity on welfare. This includes the modelling of individual or household behaviour by utility functions; criteria for efficiency, ...
X-efficiency

X-efficiency  

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That part of overall efficiency which consists of getting the maximum output technically possible from any given inputs, or producing a given output with the fewest possible inputs. X-efficiency thus ...

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