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Economy, Efficiency and Effectiveness

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Added on  2020-05-16

Economy, Efficiency and Effectiveness

   Added on 2020-05-16

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Running head: ECONOMY, EFFICIENCY AND EFFECTIVENESSEconomy, Efficiency and EffectiveName of the Student:Name of the University:Author Note:
Economy, Efficiency and Effectiveness_1
1ECONOMY, EFFICIENCY AND EFFECTIVENESSExecutive Summary:The words economy, efficiency and effectiveness are often used imprecisely or eveninterchangeably. These words have superseded their literal meanings and today are used toaddress diverse public services perspectives. The paper would shed on the manifold evolutionof these three words in fields of public sector services which governments provide to theirpeople either free of cost or at very low prices. The organisation taken to conduct the study isHSE, Ireland. The paper would finally prove that these three words are interrelated andachievement of one would also call for achievement of the next.
Economy, Efficiency and Effectiveness_2
2ECONOMY, EFFICIENCY AND EFFECTIVENESSTable of ContentsIntroduction:...............................................................................................................................3Economy:...................................................................................................................................3Traditional economy:.............................................................................................................4Modern economies:................................................................................................................4Integration and logistisation of economies:.......................................................................5Informatization:..................................................................................................................5External market impacts on flow of goods and services:...................................................5Command economic system:.............................................................................................7Market economic system:..................................................................................................8Mixed economic system:....................................................................................................8Findings from the discussions:.................................................................................................10Efficiency:................................................................................................................................11Types of efficiency:..................................................................................................................12Efficiency in economic perspective:....................................................................................12Effectiveness:...........................................................................................................................14Production efficiency:..........................................................................................................14Conclusion:..............................................................................................................................14References:...............................................................................................................................16
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3ECONOMY, EFFICIENCY AND EFFECTIVENESSIntroduction:The terms economy, efficiency and effectiveness are often used impreciselyespecially referring to value for money. This is because the implications of these termshave transcended their technical meanings to apply to broader areas in the world. The sameapplies to the words efficiency and effectiveness. The paper would show how these threeterms are used imprecisely especially while describing public contexts. The author would goon to introduce the three terms namely, economy, efficiency and effectiveness in their literalmeaning and then go deeper into these terms to show the actual usage of them. The paperwould show the vast usage of these terms and how they have transcended their literalmeanings to serve broader public services perspectives. The researcher would discover thatthese three words are interrelated and cannot be studied with each other. The organisationconsidered to conduct the study is the Irish branch of HSE, HSE Ireland (hse.ie 2018).Economy:The term economy refers to areas of production of goods and services. The term isused to mark areas of distribution or trading of goods and services. An economy is oftendefined as a system which enables manufacture, distribution and consumption of goods. Theconsumers in different economies enjoy services like public health and medical services forsubsidised costs. Thus, here economy acts a facility which enables circulation of financialcapital between the producers (public sector health service providers) and consumers. Asthis definition points out that the term is not restricted within any specific country orgeographical area (Veleva et al. 2015). Economies have no specific physical boundaries asthey are systems which enable flow of money from, producers (health service providers)to patients (consumers) all over the world. Audretsch, Lehmann and Wright (2014) arguethat the above discussion apparently points out that financial resources flow in the global
Economy, Efficiency and Effectiveness_4

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