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Productive Efficiency

When a firm produces at the lowest average cost of production.

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Producing good and services for the lowest pricw, On the PPF curve, it is impossible to produce more of one good without producing less of another.

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It is a state of the economy in which production represents consumer preferences; in particular, every good or service is - marginal economic benefit

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State of economy in which production represents consumer preference

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Allocative efficiency is at an output level where the price equals the Marginal Cost (MC) of production. This is because the price that consumers are willing to pay is equivalent to the marginal utility that they get. Therefore, the optimal distribution is achieved when the marginal utility of the good equals the marginal cost.

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Allocative efficiency is the optimal distribution, taking account of the consumer preferences, it is the output level where price equals the lowest cost of production.

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Productive efficiency is concerned with producing goods and services with the optimal combination of inputs to produce maximum output for the minimum cost.

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Optimal distribution of goods/services, taking into account consumer's preferences. It is the output level where price equals marginal cost of production.

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Productive efficiency is when a producer uses an optimal amount of input to produce a maximum amount of output and at the same time, minimizing the cost of producing.

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Production of good and services with the optimal combination of inputs to maximize output for minimum cost.

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An economic level at which the economy can no longer produce additional amounts of a good/service without lowering the production level of another good/service

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It is concerned with producing goods and services with the optimal combination of inputs to produce maximum output for the minimum cost.

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Every unit of good/service provides a marginal benefit

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Allocative Efficiency

Allocative efficiency is a state of the economy in which production represents consumer preferences.

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Allocative efficiency: Production of goods and services are rationed efficiently in the perspective of the society and consumers.

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Productive efficiency
Producing goods and services at the maximum output with minimum costs.

Allocative efficiency
When the four factors of production are allocated to those individuals and firms based on the price mechanism.

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Allocative efficiency: This occurs when there is an optimal distribution of goods and services,  taking into account consumer’s preferences.

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Productive Efficiency:
Where a firm is producing at the lowest average cost of production

Allocative Efficiency:
Where suppliers are producing the optimal combination of goods and services required by consumers

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producing goods and services with the optimum combination to produce max output for minimum cost.

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Productive efficiency: Producing goods/services with optimal combination of resources to produce the maximum output for minimum costs within economy.

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Productive efficiency: producing goods and services with the optimal combination of inputs to produce maximum output for the minimum cost.

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Productive efficiency: producing goods and services with the optimal combination of inputs to produce maximum output for the minimum cost.