Abstract: Abstract According to the classical definition, ‘Economics is the science which studies human behaviour as a relationship between given ends and scarce means which have alternative uses.’ This definition was given by Robbins in 19321 and remains valid today. It follows that economics must address the issue of the efficient use of existing resources, production factors, and goods and of the conditions under which a market economy will utilise these factors in the most efficient way. Economic theory has proposed a number of efficiency criteria in order to determine whether or not resources are being used efficiently: allocative efficiency, productive efficiency, and dynamic efficiency.
Publication Year: 2009
Publication Date: 2009-10-01
Language: en
Type: book-chapter
Indexed In: ['crossref']
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