When society gets the most it can from its scarce resources, then the outcome is called : Efficiency
What is efficiency?
Efficiency means that society is getting the maximum benefits from its scarce resources.
When a resource becomes relatively scarce due to population growth, it often becomes more valuable. This increase in value may motivate powerful groups within society to take greater control of the resource, making it scarcer still.
However, efficiency ensures the scarce resources are judiciously utilized.
Examples of scarce resources includes :
- Labor
- Capital
- Land
- Entrepreneurship used by society to produce consumer satisfying goods and services.
Therefore, efficiency is when society gets the most it can from its scarce resources.
Learn more about efficiency here : https://brainly.com/question/25350730
