Efficient allocation of resources is important as it contributes to economic growth. If resources are used in the most efficient way possible then the level of economic growth can be maximized.
Economic efficiency because it is a self-regulating invisible hand free market economy that responds efficiently to rapidly changing conditions. Economic growth- because competition encourages innovation, free markets encourage growth . Always striving to create new products that people might like.
Allocational or allocative, efficiency is a property of an efficient market whereby all goods and services are optimally distributed among buyers in an economy.
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