Question

An economic system describes how and why resources are transformed into GOODS and SERVICE to satisfy human consumption needs. We call such a system efficient (efficient allocation of resources) when it satisfies what two fundamental objectives?

Answer 1

Answer:

Minimizing waste

Pareto efficiency

Explanation:

- This is a situation where waste from allocation of goods is reduced to the nearest minimum.

- This is when every economic good is optimally allocated across production and consumption so that no changes made to allocation can make any body better.