Technical Efficiency / Engineering Efficiency

May 20th, 2015
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Economic Efficiency: A condition where the ratio MU/MC is equal for all goods and services. Traditional Economy: Resource allocation determined by social custom and habits established over time.

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EconomicsDefinitionsTechnical Efficiency / Engineering Efficiency: Goods are produced using the minimum possible resources.Economic Efficiency: A condition where the ratio MU/MC is equal for all goods and services.Traditional Economy: Resource allocation determined by social custom and habits established over time.Command Economy: Resource allocation determined by central planning.Market Economy: Resource allocation determined by a competitive market.Opportunity Cost: The best alternative foregone in order to produce a good or service.Public Good: A good or service that, once purchased by anyone, can of necessity be enjoyed by many.Externality: A cost of goods or services that is borne by someone other than the recipient of those goods or services.Lorenz Curve: Graphs the percentage of households against the percentage of income received.Ceteris Paribus (cet. par.): When analyzing one variable, the convention that all other variables are held constant.Inferior Good: An inferior good is one for which the quantity purchased decreases when real income increases.Giffen Good: A good for which there is a range of prices for which quantity and price vary directly, not inversely.Dependent Variable: A variable whose value is determined by the model.Independent Variable: A variable whose value is fixed external to the model.Complementary Good: A good whose demand curve shifts along with that of another good.Substitute Good: A good whose demand curve shifts inverse

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