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What is an efficient economy is one that is?
uses its resources to make the most goods and services.
What is an efficient economy is one that?
uses its resources to make the most goods and services.
Is an economy is efficient when it has achieved full production?
The economy is efficient only when it has achieved full employment and full production
What is the significance of interest rate on an economy?
to make the economy more effective and efficient
What does specialization do for the economy?
it makes it more efficient
Why do centrally planned economies tend not to be efficient?
What are two reasons why a centrally planned economy tend to be less efficient than a market base economy
How does a production possibilities curve illustrate how efficient an economy is?
A production possibilities curve illustrates how efficient an economy is by indicating the possibly opportunities in the economy. This will also illustrate the relevant costs entailed in the production.
What effect does new technology usually have on an economy?
It makes the economy stronger and more efficient.
What is the definition of an efficient economy?
to use the system in a wise manner
What usually makes an economy stronger and more efficient?
technology
What are surplus goods?
Surplus goods refers to the profit made in an economy, these goods could be any number of things eg money, resources .... Surplus goods are the result of an efficient economy usually one that is a free market economy
An economy that is producing the maximum amount of goods and services is considered?
efficient
