Grand Canyon University Economy Efficiency Assignment

Since economic efficiency is typically a business orientedconcept, let’s have an example of a business model. When itcomes to variables that could create efficiency in the market, it isbetter to focus on sources that can help manage competitive advantagefor the continual existence of an organization. These are: service,innovation, quality, speed, and cost. Identifying the type of servicedelivery mechanism that is preferred by the customer is veryimportant. Then, whatever goods and services produced with a newinnovative addition can stimulate the tests of customers. This cancreate additional value to create the desired quality. The speed ofthe delivery of goods and services can also matter, particularly uponthe distribution of perishable items. Then comes cost competitiveness,which involves the prices of similar items set by different firms. Ifa firm/facility/agency/ business whatever name you may give to theorganization, if it meets its objectives with less wastage ofresources to produce/distribute the goods and services with adequatereturn, then economic efficiency can be maintained. What can a publicmanager learn from this scenario? What do you think? The questionshave been forwarded to all members of the course.