Asked by
Okiany Riches
on Nov 17, 2024Verified
When society gets the most it can from its scarce resources, then the outcome is called
A) equitable.
B) efficient.
C) normal.
D) marginal.
Scarce Resources
Economic concept describing materials or services in limited availability relative to desired uses, necessitating allocation.
Efficient
In economic terms, relates to an allocation of resources in which it is impossible to make any one individual better off without making at least one individual worse off.
- Contrast the concepts of efficiency and equality when discussing economic policy.
Verified Answer
JD
Learning Objectives
- Contrast the concepts of efficiency and equality when discussing economic policy.
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