An economy will achieve productive efficiency when <u>it is maximizing </u><u>production</u><u> and could not increase</u><u> production</u><u> of both goods at the same time</u> and will achieve productive efficiency when <u>it is producing the combination of goods and services that most benefit the people in the </u><u>economy</u>.
<h3>What is an economy?</h3>
An economy can be defined as a function of how the various means of production, money, and scarce resources (raw materials) are carefully allocated and used to facilitate the demand and supply of goods and services in a country, so as to meet the unending needs or requirements of consumers.
<h3>The five (5) economic goals.</h3>
In Economics, there are five (5) main economic goals and these include the following:
- Full employment
- Economic growth
- Economic stability
- Equality
- Enhanced efficiency.
In conclusion, we can reasonably infer and logically deduce that one of the ways to achieve productive efficiency is by maximizing production while maintaining the level of production of both goods at the same time
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Complete Question:
An economy will achieve productive efficiency when it _____ and will achieve productive efficiency when it ___.
Is maximizing production and could not increase production of both goods at the same time; is producing an equal amount of both goods.
Is producing beyond the production possibility frontier: is producing inside the production possibility frontier.
Is producing the combination of goods and services that most benefit the people in the economy: Is maximizing production and could not increase production of both goods at the same time.
Is maximizing production and could not increase production of both goods at the same time: is producing the combination of goods and services that most benefit the people in the economy.
