Economic efficiency refers to the optimal allocation of resources where they are most valued and the production and distribution of goods and services occurs at the lowest possible cost. It ensures that no further improvements can be made in one person's well-being without making someone else worse off.
Economic freedom refers to the absence of regulation or other dictates from government or other authority in economic matters, enabling efficient allocation of resources in a capitalist system.
The Law of Increasing Costs states that as the productivity of a factor of production decreases due to increasing production, the cost of successive units produced must increase.
The term 'make-work' refers to the uneconomic utilization of the workforce, where jobs are created not for their value or necessity but to provide employment opportunities.
A comprehensive guide detailing the transition of a publicly owned company or asset to private sector ownership, including economic and political motivations, examples, FAQs, related terms, and learning resources.
