Static Inefficiency

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Menemoo

Cards (2)

Static efficiency 
Concerned with the most efficient combination of existing resources at a given point in time
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Static efficiency and trade
For a developing economy, the most efficient trading priority may be to concentrate on low-cost labour-intensive industry, but in the long-term it may be more efficient to develop capital and technology to enable a higher wage, more productive economy
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Static Inefficiency

Cards (2)

3.2 Efficiency

6. Economic Methodology and the Economic Problem

3.2.2 Energy Efficiency

6.1 Economic Methodology

1.1.4 Economic Sectors

1.1.3 Economic Agents

6. Economic Methodology and the Economic Problem

6.2.4 Economic Systems

1.1.4 Economic Sectors

6.1 Economic Methodology

6.2 The Economic Problem

6.2 The Economic Problem

6.2.4 Economic Systems

1.1.3 Economic Agents

6.1.2 The Role of Models in Economics

6.1.2 The Role of Models in Economics

P7.2 Power and Efficiency

4.1 Economic Growth

1.1 The Basic Economic Problem

1.1 The Basic Economic Problem

6.1.3 Ceteris Paribus Assumption