To the economist, efficiency of resource use means

Assessment: WAEC SSCE - Economics - 1998 (Objective) Subject: Economics

Question 1 Report

To the economist, efficiency of resource use means
Answer Details
Efficiency of resource use means maximizing output from a given amount of resource. It involves using the resources available in the best possible way to achieve the desired objectives. This can be done by producing the maximum amount of goods and services with the minimum amount of resources, minimizing wastage, and using the right resources for the right purposes. The efficient use of resources leads to the reduction of costs and the maximization of profits, which is important in any economic activity.
Read lesson note on Theory Of Costs (JAMB)
Read lesson note on Theory Of Production (WAEC)
Read lesson note on The Theory Of Demand (JAMB)
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