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November 28, 2020 

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RIGHT TO WORK: A law preventing employers from making union membership a condition of employment. In other words, your boss can't forced you to join a union if you don't want to. There are two sides to this argument. On the one hand, workers should have the freedom to join a union or not based on the benefit to had from the union and perhaps their philosophical orientation towards unions. On the other hand, unions gain their strength by representing workers. Its negotiating position is hurt if it represents only a fraction of the workers. Moreover, any benefits a union gets for workers are enjoyed by its members (who pay dues) as well as nonmembers (who don't pay dues).

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ALLOCATIVE EFFICIENCY:

Obtaining the most consumer satisfaction from available resources. In other words, resources are allocated in such a way that consumer satisfaction is at its highest possible level. This is also termed either efficiency or economic efficiency.
Allocative efficiency means the economy is doing the best job possible of satisfying unlimited wants and needs with limited resources--that is, of addressing the problem of scarcity. To achieve allocative efficiency, however, the economy must first achieve technical efficiency. Technical efficiency means that society is getting the most production from available resources. In other words, there is no waste in the production process.

Allocative efficiency, however, means that this technically efficient production is also useful to or valued by people. While technical efficiency might be achieved in the production of purple spotted stuffed animals, allocative efficiency is not achieved if no one actually wants purple spotted stuffed animals and they remain stored in a big purple warehouse.

<= ALLOCATION EFFECTALTERNATIVE UNEMPLOYMENT RATES =>


Recommended Citation:

ALLOCATIVE EFFICIENCY, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2020. [Accessed: November 28, 2020].


Check Out These Related Terms...

     | efficiency | technical efficiency | consumer sovereignty | satisfaction | production | full employment |


Or For A Little Background...

     | allocation | resource allocation | scarcity | limited resources | unlimited wants and needs | economic goals | factors of production | economic thinking |


And For Further Study...

     | distribution standards | economic system | seven economic rules | production possibilities | three questions of allocation |


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Today, you are likely to spend a great deal of time lost in your local discount super center hoping to buy either hand lotion, a big bottle of hand lotion or a lighted magnifying glass. Be on the lookout for gnomes hiding in cypress trees.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
"The world is not dangerous because of those who do harm but because of those who look at it without doing anything. "

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