displacement
and
substitution.
Taking
the example of a special employme.
measure,
substitution
arises
when
subsidised workers take the place of
unsubsidised workers within one firm,
whereas displacement arises when workers
in other firms lose their jobs, eg
because the firm with subsidised workers
has lower labour costs and so can reduce
the prices of its products and increase
its market share.
Economy
usages
of
there are several common
economy and economical in this context
including using fewer resources than
before, or fewer than planned, minimising
the proportion of inputs that are wasted
or obtaining the inputs at the cheapest
cost.
A
common
measure economy
is
Effectiveness
the ratio of actual inputs to planned
inputs. See also Deadweight above.
the extent to which policy objectives
are achieved, where possible calculated
as the ratio of actual output to planned
output. The Treasury and Civil Service
Committee
slightly a
adopted
wider
6
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