In economics, the terms efficient, effective and productive are often known. Question:    a. Explain the difference between each of these terms. Explain with examples    b. How many types of efficiency are there? Explain the difference between each!

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Productive and Allocative Efficiency Analysis

Productive efficiency, also referred to as production efficiency is a term in economics describing the level at which a company is operating at its maximum capacity. Beyond this point, the entity will be unable to manufacture any additional goods without cutting down another product’s production level. This occurrence is an outcome of production happening alongside a Production Possibility Frontier (PPF).