This is a class question that needs to be answer with at least 150 words. I would like it explain in your own words, but if not please cite-in-text with reference. No Plagiarism
An ideal economy will seek to maximize this total surplus by appropriately allocating resources to various goods and services.. As Mankiw states “If an allocation is not efficient, then some of the potential gains from trade among buyers and sellers are not being realized. For example, an allocation is inefficient if a good is not being produced by the sellers with lowest cost.”. Efficiency is not equality, this refers to distributing economic prosperity equally among the members of the society.
Class-When you look at the state of the economy today, how would you characterize it?