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INJECTION: A non-consumption expenditure on gross domestic product, including investment expenditures, government purchases, and exports. Injections are combined with leakages in the injection-leakage model used to identify equilibrium aggregate output in Keynesian economics. The notion of injection is best viewed through the circular flow, in which investment expenditures, government purchases, and exports are "injected" into the main flow between output, factor payments, national income, and consumption.
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                           ECONOMIC 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 allocative efficiency. Economic 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 economic efficiency, however, the economy must first achieve technical efficiency. Technical efficiency means that society is getting the most production from available resources. There is no waste in the production process.Economic 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, economic efficiency is not achieved if no one actually wants purple spotted stuffed animals and they remain stored in a big purple warehouse.
Recommended Citation:ECONOMIC EFFICIENCY, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2021. [Accessed: June 19, 2021].
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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time at a crowded estate auction looking to buy either a wall poster commemorating the 2000 Presidential election or a rechargeable flashlight. Be on the lookout for telephone calls from long-lost relatives.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"The will to win is important, but the will to prepare is vital. " -- Joe Paterno, football coach
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KCBT
Kansas City Board of Trade
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