When a society is producing what society wants to consume,then it is said to have:

Question

Quizplus · Accepted Answer

Allocative efficiency is achieved when a society is producing the combination of goods and services that matches what the society wants to consume. This means that resources are being allocated in the most efficient way possible to satisfy the wants and needs of the society. Therefore, when a society is producing what it wants to consume, it has achieved allocative efficiency. Option A (solved the economic problem) is not entirely accurate as the economic problem of scarcity can never really be solved completely. Option B (an equitable distribution of goods and services) and option C (an efficient form of government) do not specifically refer to the concept of producing what society wants to consume.

When a Society Is Producing What Society Wants to Consume,then