Home > Term: optimum
optimum
As good as it gets, given the constraints you are operating within. For the concept of optimum to mean anything, there must be both a goal, say, to maximize economic welfare, and a set of constraints, such as an available stock of scarce economic resources. Optimizing is the process of doing the best you can in the circumstances.
- Part of Speech: noun
- Industry/Domain: Economy
- Category: Economics
- Company: The Economist
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Creator
- summer.l
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