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:

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Quizplus · Accepted Answer

Efficiency refers to producing goods and services in the most productive way possible, which leads to optimal utilization of resources and maximizes economic value to society. Allocation optimization may also lead to efficiency, but it focuses on the optimal allocation of resources rather than the most efficient use of resources. Sustainability refers to meeting the current needs without compromising the ability of future generations to meet their own needs. Economic quantity is not a commonly used term in economics.

The Use of Resources in the Most Productive Way Possible