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Notes:

Production efficiency requires that goods be produced at the lowest possible cost.

Allocative efficiency involves distributing resources among all the possible goods and services that could be produced so that consumers get the products they want the most.

Do you feel that the nation’s output is distributed fairly among the nation’s citizens?

Should your property rights be restricted?

The goals may be set by economic policy but we use economic science to determine if we are meeting the goals. i.e. Economic science provides the numbers that tell us if we are meeting our goals or not.