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  • P P P?P PPPPPPP PPPPPPPP P ©P P PPPP P PPPP P P PPPP

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    The document discusses three types of efficiency: productive, technical, and allocative. Productive efficiency is achieved when the same output can be produced at a lower total cost, such as through reorganization, new technology, or staff training. Technical efficiency is achieved when the same output can be produced using fewer inputs, like labor saving devices or more efficient machinery. Allocative efficiency determines how to optimally assign resources to produce different goods required by society, such as determining how much food and cloth should be produced.

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    Eco

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    The document discusses three types of efficiency: productive, technical, and allocative. Productive efficiency is achieved when the same output can be produced at a lower total cost, such as through reorganization, new technology, or staff training. Technical efficiency is achieved when the same output can be produced using fewer inputs, like labor saving devices or more efficient machinery. Allocative efficiency determines how to optimally assign resources to produce different goods required by society, such as determining how much food and cloth should be produced.

    Copyright:

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    12 views1 page

    P P P?P PPPPPPP PPPPPPPP P ©P P PPPP P PPPP P P PPPP

    Uploaded by

    afinmathews
    The document discusses three types of efficiency: productive, technical, and allocative. Productive efficiency is achieved when the same output can be produced at a lower total cost, such as through reorganization, new technology, or staff training. Technical efficiency is achieved when the same output can be produced using fewer inputs, like labor saving devices or more efficient machinery. Allocative efficiency determines how to optimally assign resources to produce different goods required by society, such as determining how much food and cloth should be produced.

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    Efficiency

    Productive Lowest Cost Productive efficiency can be achieved where the same output could be produced at lower total cost Achieved through re-organisation (e.g. to cell production), investment in new technology, training for staff and so on Technical Minimum inputs Technical efficiency can be achieved if the same output can be produced using fewer inputs Can be achieved using labour saving devices, more efficient machinery, more effective re-organisation of restructuring and so on Allocative y How Much Resources Are Assigned To Produce Each Good Required For The Society? How Much Food and Cloth?

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