Majandustõhusus

Majandustõhusus, or economic efficiency, refers to the optimal allocation of scarce resources to satisfy unlimited wants and needs. It is a concept that measures how well an economy utilizes its factors of production, such as land, labor, and capital, to produce goods and services. An economy is considered economically efficient when it is impossible to make one person better off without making someone else worse off.

There are two main types of economic efficiency: allocative efficiency and productive efficiency. Allocative efficiency occurs when resources are distributed in a way that consumers value most. This means that the marginal benefit to consumers from a good or service equals its marginal cost of production. Productive efficiency, on the other hand, is achieved when goods and services are produced at the lowest possible cost. This means that production takes place at the minimum point of the average total cost curve.

Achieving economic efficiency is a primary goal for policymakers and economists. It leads to higher standards of living, greater availability of goods and services, and a more sustainable use of resources. Market economies, with their price mechanisms and competition, are often seen as a way to promote economic efficiency. However, market failures, such as externalities and monopolies, can prevent the achievement of full efficiency. Government intervention, through regulations or policies, may be necessary to correct these failures and move closer to an efficient allocation of resources.