What is allocative and productive efficiency?
Allocative
and productive efficiencies are theoretical concepts in economics.
Allocative efficiency is achieved in an economy when the distribution or
apportionment of resources produces the greatest utility for consumers
through its combination of products. For example, and for the sake of
simplicity, envision an economy with two products: pizza and robots. In
an allocatively-efficient economy, businesses are producing the right
amount of each product to make consumers happy. Productive efficiency,
on the other hand, is when an economy is using all of its resources
efficiently, producing the greatest output for the smallest input.
Productive efficiency, on a production possibility frontier, occurs on
any points along the curve.
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