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Productive efficiency
is when resources are used the best way to produce a given output. So that means output is produced at the lowest cost. When this efficiency increases it means that, for example, each farm can produce more apples than before.
Allocative efficiency
is when resources are used in the way consumers wish for them to be. this is where MB=MC. If consumers want 5000 apples and 8000 Oranges, and each farm produces 1000 pieces of fruit, then there will be 5 farms producing apples and 8 producing Oranges
Productive efficiency
is when resources are used the best way to produce a given output. So that means output is produced at the lowest cost. When this efficiency increases it means that, for example, each farm can produce more apples than before.
Allocative efficiency
is when resources are used in the way consumers wish for them to be. this is where MB=MC. If consumers want 5000 apples and 8000 oranges, and each farm produces 1000 pieces of fruit, then there will be 5 farms producing apples and 8 producing oranges
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What is the difference between allocative and technical efficiency?
no difference
Difference between technical efficiency and economic efficiency?
technical efficiency is related to change in output due to change in input and economic efficiency refers to a number of related concepts.
Does greater competition lead to greater efficiency?
Yes. Greater competition between firms/countries/... makes the productive capacity rise and will reduce costs. The rise in the productive capacity is mainly achieved by investing in new capital goods (or replacing the old ones). Of course this will reduce the labor needed (so less costs) and will increase efficiency in the end.
What is difference between effectiveness and efficiency and why?
effectiveness refers to the ability to produce the desired results. efficiency refers to the correctness of the produced result ex; effectiveness is like making an engine of high performance and efficiency is like the extent to which it works and reach the goal of the manufacture
Difference between efficiency and productivity?
In economics, efficiency and productivity relate to the making of products, both goods and services. Productivity represents the amount of output compared to the effort put into the production of that good. Efficiency on the hand means the amount of time spent in doing the same thing.
What is the difference between allocative and technical efficiency?
no difference
What is the difference between job productivity and job efficiency?
productivity is how much you get done, efficiency is what you complete/how much effort you put in. so if you can do something easily and in a timely manner then it was efficient, if you got a lot done you were productive. you can be both.
Difference between productive and reproductive work?
productive is to birth a new child or generation and reproductive
Difference between technical efficiency and economic efficiency?
technical efficiency is related to change in output due to change in input and economic efficiency refers to a number of related concepts.
Difference between eff1 and eff 2 motors?
EFF1 is a high efficiency motor. EFF2 is a standard efficiency motor.
Is there a difference in cleaning efficiency between a canister vacuum and a broom-style vacuum?
No, the efficiency lies in the suction and brush types.
Difference between capacity and efficiency?
Capacity is available space in which a product can be produced. Efficiency relates to time to produce including added labor.
What is the difference between high efficiency dryer combos and regular dryers?
The efficiency driers use lss energy and put out less exauhst
What is the difference between energy conservation and energy effinciency?
Energy conservation involves reducing the overall consumption of energy, while energy efficiency focuses on getting more work done with the same amount of energy. In other words, conservation is about using less energy, while efficiency is about using energy more wisely and making processes more productive.
What is the difference between effectively and efficiency?
effectively is an adverb. It means the action had an effect, a result. efficiency is a noun. It is the measure of how little energy is wasted when work is done.
What the difference between productive and non-productive pain?
"Productive" pain has been described as a warning of injury, and so may be both an indication of need for treatment and a guide to diagnosis. "Nonproductive" pain by definition serves no purpose either as a warning or diagnostic tool.
Does greater competition lead to greater efficiency?
Yes. Greater competition between firms/countries/... makes the productive capacity rise and will reduce costs. The rise in the productive capacity is mainly achieved by investing in new capital goods (or replacing the old ones). Of course this will reduce the labor needed (so less costs) and will increase efficiency in the end.
