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ALLOCATIVE EFFICIENCY: Obtaining the most consumer satisfaction from available resources. Allocative efficiency means that our economy is doing the best job possible of satisfying unlimited wants and needs with limited resources -- that is, of addressing the problem of scarcity.
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MINIMUM EFFICIENT SCALE The quantity of production that places a firm at the lowest point on its long-run average cost curve. The minimum efficient scale achieves production of a good at the lowest possible opportunity cost. In other words, it is not possible to produced a good at any lower cost than at the minimum efficient scale. At this quantity the production involves foregoing the least amount of other goods.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either a weathervane with a cow on top or a box of multi-colored, plastic paper clips. Be on the lookout for celebrities who speak directly to you through your television.
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This isn't me! What am I?
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In the early 1900s around 300 automobile companies operated in the United States.
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"Success is where preparation and opportunity meet." -- Bobby Unser, Race car driver
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CBA
Cost Benefit Analysis
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