The extent to which supplies of goods are matched to demands for goods or services in a particular market. The notion of economic efficiency implies the possibility of an ideal market in which no value is lost due to waste, unneeded surpluses, unmet demand, or other misallocations of resources.
Related information about economic efficiency:
- Economic efficiency - Wikipedia, the free encyclopedia
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 ...
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A broad term that implies an economic state in which every resource is optimally allocated to serve each person in the best way while minimizing waste and ...
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Answer: Economic efficiency is a term typically used in microeconomics when discussing product. Production of a unit of good is considered to be economically ...
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Definition of economic efficiency: The situation in which it is impossible to generate a larger welfare total from the available resources. In other words, the ...
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A central issue in microeconomics is under what circumstances individual pursuit of self interest is harmonious with the good of the group. We saw in the ...
- Economic efficiency - tutor2u | Economics
Economic efficiency. Author: Geoff Riley Last updated: Sunday 23 September, 2012. Efficiency is about a society making optimal use of scarce resources to ...
- ECONOMIC EFFICIENCY:
Economic efficiency means that the "correct people" (those who can afford it) will get the "correct goods and services" (whatever they want). Economic efficiency ...
- Efficiency: The Concise Encyclopedia of Economics | Library of ...
Thus, economic efficiency is measured not by the relationship between the physical quantities of ... Economic efficiency makes use of monetary evaluations.