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#### Productive Efficiency

This video defines the term ‘productive efficiency’ and explains how to represent the concept of productive efficiency on two diagrams: the production possibilities curve (PPC) and the short-run average cost curve.

#### Allocative Efficiency

This video defines the term ‘allocative efficiency’ and explains how to represent the concept of productive efficiency on two diagrams: the production possibilities curve (PPC) and the market equilibrium diagram.

#### Pareto Optimality

This video defines the term ‘pareto optimality’ and explains how to represent the concept of pareto optimality on the production possibilities curve.

#### Dynamic Efficiency

This video defines the term ‘dynamic efficiency’ and explains how to represent the concept of dynamic efficiency on a firm’s average cost curve.