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Author Question: Explain the key distinction between technological efficiency and economic efficiency. What will ... (Read 102 times)

ereecah

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on: Jun 29, 2018
Explain the key distinction between technological efficiency and economic efficiency.
 
  What will be an ideal response?

Question 2

While increases in population are often seen as a problem by some observers can you think of a way in which an increase in population can be a positive factor?
 
  What will be an ideal response?


spencer.martell

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Reply #1 on: Jun 29, 2018
Answer to Question 1

The difference between technological and economic efficiency is that technological efficiency concerns the quantity of inputs used in production for a given level of output, whereas economic efficiency concerns the value of the inputs used. Economic efficiency requires technological efficiency, but technological efficiency does not require economic efficiency.

Answer to Question 2

One way it could be a benefit is that is that it can help continue to finance national pension programs which often are derived by taxing current workers to provide benefits for the retired. Another benefit is that it can allow companies to market their products to a larger market and permit economies of scale in the production and distribution of goods which wouldn't be possible with a smaller population


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