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Productive efficiency is an aspect of economic efficiency that focuses on how to maximize output of a chosen product portfolio, without concern for whether your product portfolio is making goods in the right proportion; in misguided application, it will aid in manufacturing the wrong basket of outputs faster and cheaper than ever before.
Country GDP per working hour (2017 US$ PPP) Year Luxembourg 146.1 2023 Ireland 142.5 2023 Norway 92.6 2023 Netherlands 79.8 2023 Denmark 78.2 2023 Switzerland 75.6 ...
Productive efficiency: no additional output of one good can be obtained without decreasing the output of another good, and production proceeds at the lowest possible average total cost. These definitions are not equivalent: a market or other economic system may be allocatively but not productively efficient, or productively but not allocatively ...
the relative efficiency gains resulting from different systems of management, organization, co-ordination or engineering. the productive effects of some forms of labour on other forms of labour. These aspects of productivity refer to the qualitative dimensions of labour input. If an organization is using labour much more intensely, one can ...
Articles relating to the economics of production, the process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (output).
Efficiency is the often measurable ability to avoid making mistakes or wasting materials, energy, efforts, money, and time while performing a task. In a more general sense, it is the ability to do things well, successfully, and without waste.
X-inefficiency underscores the importance of competition and innovation in fostering efficiency, which can reduce costs for companies, resulting in increased profits and better output and prices for consumers. However, X-inefficiency only focuses on productive efficiency and minimizing costs, not on allocative efficiency and maximizing welfare.
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