What does economic efficiency mean?
Definitions for economic efficiency
eco·nom·ic ef·fi·cien·cy
This dictionary definitions page includes all the possible meanings, example usage and translations of the word economic efficiency.
Wikidata
Economic efficiency
In economics, the term economic efficiency refers to the use of resources so as to maximize the production of goods and services. An economic system is said to be more efficient than another if it can provide more goods and services for society without using more resources. In absolute terms, a situation can be called economically efficient if: ⁕No one can be made better off without making someone else worse off. ⁕No additional output can be obtained without increasing the amount of inputs. ⁕Production proceeds at the lowest possible per-unit cost. These definitions of efficiency are not exactly equivalent, but they are all encompassed by the idea that a system is efficient if nothing more can be achieved given the resources available.
Numerology
Chaldean Numerology
The numerical value of economic efficiency in Chaldean Numerology is: 3
Pythagorean Numerology
The numerical value of economic efficiency in Pythagorean Numerology is: 9
Translations for economic efficiency
From our Multilingual Translation Dictionary
- الكفاءة الاقتصاديةArabic
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"economic efficiency." Definitions.net. STANDS4 LLC, 2024. Web. 16 Apr. 2024. <https://www.definitions.net/definition/economic+efficiency>.
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