The achievement of results in the most economical way, assessing efficiency by resource utilization at the lowest possible cost.
Definition and meaning of Economic Efficiency
A graphical device for depicting resource allocation in a two-consumer, two-good economy.
In economics, the choice from all possible uses of resources of that which gives the best result.
The rights of an owner over property, including the scope and limitations of these rights.
The allocation that maximizes social welfare, chosen by a benevolent social planner within the constraints of resource endowment.
