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ECONOMIC EFFICIENCY: Obtaining the most consumer satisfaction from available resources. This is what most economists mean when the term efficiency arises. Economic efficiency means our economy is doing the best job possible of satisfying unlimited wants and needs with limited resources--that is, of addressing the problem of scarcity.

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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.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites wanting to buy either blue cotton balls or a genuine down-filled pillow. 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.
"Carpe diem! Rejoice while you are alive; enjoy the day; live life to the fullest; make the most of what you have. It is later than you think."

-- Horace, Ancient Roman poet

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