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The idea of efficiency often arises when measuring a society's well-being. there are two kinds of efficiency: productive efficiency and allocative efficiency.
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The idea of efficiency often arises when measuring a society's well-being. there are two kinds of efficiency: productive efficiency and allocative efficiency.

User Ohad Meir
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Productive efficiency: Industry output is produced at lowest possible total cost to society. Allocative efficiency: Optimal levels of all goods are produced and sold to consumers who value them most.
User Scott Morken
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