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Economists use the word efficient to mean any of several closely related things: [12] No one can be made better off without making someone else worse off (Pareto efficiency). No more output can be obtained without increasing the amount of inputs. Production proceeds at the lowest possible per-unit cost.
A relevant cost (also called avoidable cost or differential cost) [1] is a cost that differs between alternatives being considered. [2]
Clearly, whilst it is possible that someone can aspire to something that is better than the optimum, it is in a sense irrational to do so. So, we require the aspiration level to be at or below the optimum payoff. We can then define the set of satisficing options S as all those options that yield at least A: s ∈ S if and only if A ≤ U(s).
In Indonesia, both Indonesian and Javanese, there is a common word for it, pas, which means ' right amount (countable measurement), match, enough '. [ 9 ] In Swiss German dialects, similar to lagom , is the word gäbig ; in German, the term means something like ' comfortable, suitable, handy ' in the case of objects, or in relation to people ...
A market can be said to have allocative efficiency if the price of a product that the market is supplying is equal to the marginal value consumers place on it, and equals marginal cost. In other words, when every good or service is produced up to the point where one more unit provides a marginal benefit to consumers less than the marginal cost ...
THE INDEPENDENT VIEW: Editorial: The ceasefire between Israel and Hamas – just like the possibility of peace in Ukraine – requires unpalatable choices, but the prize is great
1/4 cup whole milk Greek yogurt . Appearance: Pleasingly crinkled top and deep mahogany color. Texture: Crustier edges with fudgy interior. Taste: Similar to the control, the chocolate flavor ...
A cost-plus contract is often used when performance, quality or delivery time is a much greater concern than cost, such as in the United States space program. [9] Cost plus contracting was expanded to include services such as engineering, consulting, and a variety of other such efforts in the 1980's. [10]