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A technically efficient economy is one that strives to eliminate scarcity True or false?

A technically efficient economy is one that strives to eliminate scarcity

True or false?

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Answer #1

A technically efficient economy is the kind of economy which recognizes the fact that because of the unlimited wants, it would be impossible to eliminate scarcity.

Instead, it tries to make the best possible use of the existing scarce resources ( such as land, labour and capital ) to produce the maximum level of output.

A technically efficient economy is typically the one which is operating on the PPF, where it would be impossible to produce more of one good without producing less of the other good.

So, a technically efficient economy is not the one that strives to eliminate scarcity but recognizes the fact that resources are scarce and tries to make the best use of those scarce resources.

That's why the statement mentioned is - False

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