Majandustõhusust

Majandustõhusust, often translated as economic efficiency, refers to the optimal allocation of scarce resources to maximize output and minimize waste. It is a core concept in economics that assesses how well resources are being used to satisfy human wants and needs. There are two main types of economic efficiency: allocative efficiency and productive efficiency.

Allocative efficiency occurs when resources are allocated to produce goods and services that consumers most desire. In a perfectly competitive market, this is achieved when the price of a good equals its marginal cost of production. This means that the value consumers place on the last unit of a good produced is exactly equal to the cost of producing that last unit. Deviations from allocative efficiency indicate that society could be better off by reallocating resources.

Productive efficiency, also known as technical efficiency, is achieved when goods and services are produced using the least amount of resources possible. This means producing at the lowest possible cost per unit. Firms that operate on their production possibility frontier are considered productively efficient. If a firm is operating inside its production possibility frontier, it means it is not using its resources fully or effectively, leading to waste.

Both allocative and productive efficiency are crucial for a well-functioning economy. Achieving both simultaneously leads to overall economic welfare. Market failures, such as monopolies, externalities, and information asymmetry, can prevent the achievement of economic efficiency. Governments often intervene to address these market failures and promote greater economic efficiency.