WHAT

1. State of technology determines what amount of resources will be wasted (time, electricity, etc.)

2. State of technology

3. Work efficiency

4. Allocation of resources

5. If some resources were wasted because of old state of technology, it means that allocation of resources wasn't efficient

6. Inefficient work efficiency means that resources weren't allocated efficiently

7. All wages are equal, but not all work force produce the same value, which means that work is inefficient

8. Producers will increase or decrease the amount of supply by allocating more or less resources to reach the equilibrium price, at which resources will be allocated, so it is just enough of them to satisfy production

9. Equilibrium Price

10. Demand

11. Supply

12. Shows at what price marginal benefit is equal to marginal utility

13. Employment

14. Employment should be no higher or lower than needed for production

15. If there were too much or not enough workers hired, allocation of resources wouldn't be efficient, because resources would be wasted on extra workers or there would be not enough work force for production