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Business, Economics, MBA

Economic Efficiency and Equity

Some more notes from revision…

‘Economic Efficiency’ is concerned with the use of scare resources to achieve stipulated ends (ie the lower the cost of production without decreasing quality would achieve a higher economic efficiency).

An alternative method to measure this Economic Efficiency is through Productivity. This can be defined by the efficiency with which a company uses resources to produce an output. An example of this would be labour productivity.

One can also look into Total Factor Productivity, which can be seen as the productivity looking at all resource inputs (labour, capital, technology, materials).

Equity, is simply concerned with the distribution of resources.

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About loganjehall

I focus on building an internal culture focussed on listening to and working alongside customers to build value for all stakeholders. Real lasting change that understands the real needs of the customer is the only way to ensure a dynamic constant state of learning and innovation. I am a highly experienced sales, marketing and business professional with wide ranging experience in varied industries. Having worked in both B2B and B2C I understand sales and business is really about P2P (people to people) and therefore always focus on relationships and engagement. "Business is socialising with a purpose" (Gaping Void) Passion, people, vision, strategy, customers, advocates, believers, innovation, customer engagement, social, knowledge management and appropriate use of technology are vital in the attainment of business goals. I am a co-founder of Movebubble, a new technology startup in #Proptech. This blog is really here to allow me to develop my voice and ideas, and gain feedback from a wider audience than just the lecture or breakout room. Hopefully i can introduce some interesting points, and experiment with digital, marketing, engagement, social media and SEO techniques and tips i am learning on the way. I hope you enjoy my posts, please let me know what you think with some feedback.

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