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TECHNICAL EFFICIENCY: Getting the most production from available resources. This term needs to be contrasted with a similar term allocative efficiency. You might want to check out the more general term of efficiency while you're at it. Technical efficiency simple means that you do the best job possible of combining resources to make a good . You don't waste material inputs. You don't have workers standing idly around waiting for spare parts. In essence, you produce a good at the lower possible opportunity cost.

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by Orley M. Amos, Jr.
Professor of Economics
Oklahoma State University
Go to: Chapter 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Table of Contents
Chapter One: The Professor
Chapter Two: A Kind, Loving Instructor
Chapter Three: Some Yummy Purple Fruit
Chapter Four: Tyler's Second Test
Chapter Five: Cali O'Toole
Chapter Six: The Hideous Monster
Chapter Seven: Crunch Water
Chapter Eight: The Quest
Chapter Nine: The Valley Of Red
Chapter Ten: The Purple Village
Chapter Eleven: Leonardo Da Vinci
Chapter Twelve: The Estoffe Flow
Chapter Thirteen: The Evil Professor
Chapter Fourteen: Adam
Chapter Fifteen: The Caves
Chapter Sixteen: Mark Twain
Chapter Seventeen: Leonardo's Place
Chapter Eighteen: Return From Leornia
Chapter Nineteen: The Source Of Water
Chapter Twenty: The Real World

Go to: Chapter 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Copyright © 1997, 2002 by Orley M. Amos, Jr. All rights reserved. Not to be quoted without permission of the author.
BUSINESS As Usual

In the same mini-mall with Dr. Nova Cain's dental offices and Smilin' Ted's All Comers Insurance Agency, resides Manny Mustard's House of Sandwiches -- one of those small, out-of-the-way, off-the-wall sorts of restaurants that has great food, excellent service, and plenty of atmosphere. Manny, the proprietor, is a good friend of mine who's struggling to turn his dream of restauranteering into reality. His restauranteering dream doesn't stop with one small, out-of-the-way, off-the-way restaurant with great food, excellent service, and atmosphere. No, Manny is shooting for a nation-wide chain of Manny Mustard's House of Sandwiches. He wants to go from being an overworked, underappreciated member of the third estate to a member of the second estate who overworks and underappreciates others. To help out my good friend Manny, let's take a long, hard look at the differences between small business and the larger, Fortune 500 kind.
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PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time wandering around the shopping mall hoping to buy either a pair of blue silicon oven mitts or a coffee cup commemorating the 2000 Olympics. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
"Try not to become a man of success, but rather try to become a man of value. "

-- Albert Einstein

JEP
Journal of Economic Perspectives
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