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productive and allocative efficiency are concerned with the allocation or scarce resources at a moment in time but dynamic efficiency are concerned with the allocation of scarce resources over a period of time

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a firm uses the most appropriate combination of inputs of factors of production given the relative cost of those factors

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a firm produces the maximum output possible from given resources

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short run costs may be increased to make long run cost falls

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leads to falling long run average costs

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affected by short run factors such as demand and interest rates

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might lead to lower costs of production in the future or creations of new products

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it occurs on the PPF so there will be opportunity costs

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maximum social welfare and maximum utility

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helps keep the price down

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all resources are used to their maximum productive potential so there is no spare capacity

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optimum resource allocation is where both productive and allocative efficiency exists

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the greater efficiency that can result from improvements in technical or productive efficiency over a period of time

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this situation existed when its not possible to reallocate resources to make someone better off without making someone else worse off

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the best allocation of resources possible in given situations

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where it describes the extent to which the allocation of resources in an economy matches consumer preferences (Price is equal to marginal cost)

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where a firm operates at the minimum of its average cost curve (MC=AC) or where a whole economy is operating on its PPC

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the optimal use of scarce resources to produce the largest possible output