Efficiency is the ability to perform well without wasting time or effort, measured by the effectiveness of energy input. Economic efficiency aims to produce desired goods and services while maximizing resource use.
Efficiency can be best described as the ability to do something well without wasted time or effort. It is a measure of the effectiveness of the input of energy to do work, calculated as useful energy or work divided by the total input of energy.
When an economy is efficient, it maximizes production by using available resources to their fullest extent. Achieving economic efficiency involves producing the most wanted goods and services demanded by the people in an organized manner.
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