Meaning of Inefficient economic cost

What is Inefficient economic cost


This post explains about Inefficient economic cost.  

Inefficient economic cost       

The term inefficiency generally refers to an absence of efficiency. It has several meanings depending on the context in which it is used:


Under certain circumstances, firms in market economies may fail to produce efficiently. Inefficiency means that scarce resources are not being put to their best use. In economics, the concept of inefficiency can be applied in a number of different situations.

Economic inefficiency - refers to a situation where "we could be doing a better job," i.e., attaining our goals at lower cost. It is the opposite of economic efficiency. In the latter case, there is no way to do a better job, given the available resources and technology.

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