If efficiency is our goal, how do we know if our economy is running efficiently or not? Given the articles you have read and the things you have learned, what do you think about our current economy? Is it running efficiently now?
Response: Economic efficiency occurs when the cost of producing a given output is as low as possible. This means that the amount of items being sold is higher, so the product can be sold at a lower rate. Also, looking at an economy a person would want to take into account the unemployment rate.