Economics Year 13 revision Day 5 - Efficiency
On day 5 of the Year 13 Recap we discuss the different forms of efficiency that apply to firms in a given market structure.
At A-level Economics you need to be comfortable with four main forms of efficiency – productive efficiency, allocative efficiency, dynamic efficiency and x-inefficiency.
As much as it is important to be able to define and distinguish between each of these efficiency forms, it is important to be able to bring these terms into discussion when evaluating different market structures.
Here Jack guides you through the revision slide on efficiency: