BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -There are several types of efficiency, including allocative and productive efficiency, technical efficiency, ‘X’ efficiency, dynamic efficiency and social efficiency.

Detailed explanation-2: -Pareto optimality (also referred to as Pareto efficiency) is a standard often used in economics. It describes a situation where no further improvements to society’s well being can be made through a reallocation of resources that makes at least one person better off without making someone else worse off.

Detailed explanation-3: -In general, economic production efficiency refers to a level of maximum capacity in which all resources are being fully utilized to generate the most cost-efficient product possible. At maximum production efficiency, an entity cannot produce any additional units without drastically altering its production process.

Detailed explanation-4: -Economists usually distinguish between three types of efficiency: allocative efficiency; productive efficiency; and dynamic efficiency.