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Economics explained
Category:
Efficiency
Pareto optimality and dynamic efficiency
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Pareto optimality
Pareto optimality occurs when it is impossible to make someone better off without making someone else worse off .
It is an optimal situation, with resources allocated in the most efficient way.
Dynamic efficiency
Dynamic efficiency is a form of productive efficiency that benefits a firm over time. Resources are reallocated in such a way that output increases relative to the increase in resources.
Dynamic efficiency occurs in the long run, reading to the development of new products and more efficient processes that improve production efficiency.
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