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Economics Essays & Research Papers

Economic Goals

Topic: Economics

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Efficiency is one of the most important goals of an economic system. An efficient economic system is one that gets the most out of an input with a little waste as possible. Another way of explaining this model would be to use to smallest amount of resources to carry out the result that is wanted. This is a theory that is almost universally accepted. The reason that people agree with it is quite simple. Nobody would want to use more of something to produce less. There is no conceivable reason to favor a more wasteful way of producing something. The book states that an economist would say, “Resources are being used most efficiently when the outputs they produce can be sold for the highest possible monetary sums.” This statement means that material wealth is being accumulated. It is fair to say that many people are motivated by material gains. And with efficiency, maximum returns will be realized. As important as efficiency is to an economic syst...

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quintessay.com. (2020). Economic Goals .

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