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Basic Problems of An Economy — Economics STD 9 — Question

ICSE BoardEnglish MediumSTD 9EconomicsBasic Problems of An Economy2 Marks
Question
What is meant by efficient resource allocation?###What do you mean by efficiency?
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Answer

It refers to a situation in which it is not possible to reallocate available resources so as to produce more of some goods without less of other goods.

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