A morpheme may consist of a word, such as hand, or a meaningful piece of a word, such as the âed of looked, that cannot be divided into smaller meaningful parts. Another way in which morphemes have been defined is as a pairing between sound and meaning. We have purposely chosen not to use this definition.
Definition of 'Producer Surplus'. Definition: Producer surplus is defined as the difference between the amount the producer is willing to supply goods for and the actual amount received by him when he makes the trade. Producer surplus is a measure of producer welfare.
DEFINITION of 'Production Efficiency'. 1. An economic level at which the economy can no longer produce additional amounts of a good without lowering the production level of another product.This will happen when an economy is operating along its production possibility frontier.2.The ability to produce a good using the fewest resources possible.. An economic level at which the economy can no longer produce additional amounts of a good without lowering the production level of another product. This will happen when an economy is operating along its production possibility frontier. 2. The ability to produce a good using the fewest resources possible.