The use of resources in the most productive way possible to produce the goods and services that have the greatest total economic value to society is called:

Question

Quizplus · Accepted Answer

Efficiency refers to using resources in the most productive way possible to produce the goods and services that have the greatest total economic value to society. Innovation refers to introducing new ideas, products or processes, sustainability refers to meeting the needs of the present without compromising the ability of future generations to meet their own needs, and economic quantity is not a commonly used term.

The Use of Resources in the Most Productive Way Possible