A technically efficient economy is one that strives to eliminate scarcity True or false

A technically efficient economy is one that strives to eliminate scarcity

True or false

Expert Solution

False, as scarcity of resources can never be eliminated from an economy. The principles of economic and technical efficiency are based on the concept that resources are scarce. Therefore, there are not sufficient resources to ensure that all aspects of an economy function at their highest capacity at all times. Instead, scarce resources must be distributed to meet the needs of the economy in an ideal way while also limiting the amount of waste produced. Also technical efficiency refers to how productive an economy can be given the fewest inputs, or resources, necessary to do the job in layman's terms the economy wants to be as efficient as possible with as few inputs as possible, while still hitting its production goal.

Rahul Sunny answered 2 years ago

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