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POLITICAL PHILOSOPHIES: The range of philosophical orientations that people have about politics, especially concerning the role of government. While a wide range of differing opinions exist, most tend to fall on a spectrum bound by liberal views on one end and conservative views on the other. Liberals tend to favor a larger role of government and conservatives tend to favor a smaller role.
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                           TECHNICAL EFFICIENCY: Obtaining the greatest possible production of goods and services from available resources. In other words, resources are not wasted in the production process. This is also considered as engineering efficiency and should be contrasted with economic or allocative efficiency. Technical efficiency means that natural resources are transformed into goods and services without waste, that producers are doing the best job possible of combining resources to make goods and services. There is no waste of material inputs. There are no workers standing idly around waiting for spare parts. The maximum amount of physical production is obtained from the given resource inputs. In essence, production is achieved at the lowest possible opportunity cost.Technical efficiency is a prerequisite for allocative or economic efficiency. Economic efficiency is achieved if the highest possible level of satisfaction is obtained from given resources. Because satisfaction is derived from consuming goods and services, economic efficiency requires the greatest possible level of production, that is, technical efficiency. However, while technical efficiency is necessary for economic efficiency, it does not guarantee economic efficiency. 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.
Recommended Citation:TECHNICAL EFFICIENCY, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 14, 2025].
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ORANGE REBELOON
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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either a pair of red goulashes with shiny buckles or a handcrafted bird feeder. Be on the lookout for defective microphones.
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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"Concentrate all your thoughts upon the work at hand. The sun's rays do not burn until brought to a focus." -- Alexander Graham Bell, inventor
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NIPA
National Income and Product Accounts
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