Since economic efficiency is typically a business oriented
concept, let s have an example of a business model. When it
comes to variables that could create efficiency in the market, it is
better to focus on sources that can help manage competitive advantage
for the continual existence of an organization. These are: service,
innovation, quality, speed, and cost. Identifying the type of service
delivery mechanism that is preferred by the customer is very
important. Then, whatever goods and services produced with a new
innovative addition can stimulate the tests of customers. This can
create additional value to create the desired quality. The speed of
the delivery of goods and services can also matter, particularly upon
the distribution of perishable items. Then comes cost competitiveness,
which involves the prices of similar items set by different firms. If
a firm/facility/agency/ business whatever name you may give to the
organization, if it meets its objectives with less wastage of
resources to produce/distribute the goods and services with adequate
return, then economic efficiency can be maintained. What can a public
manager learn from this scenario? What do you think? The questions
have been forwarded to all members of the course.
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