Business Studies, asked by gouthu92, 5 months ago

1. What is efficiency?

Answers

Answered by Anonymous

Explanation:

the state or quality of being efficient, or able to accomplish something with the least waste of time and effort; competency in performance. accomplishment of or ability to accomplish a job with a minimum expenditure of time and effort: The assembly line increased industry's efficiency.

Answered by srivastavamanzari

Efficiency is about making the best possible use of resources. Efficient firms maximise outputs from given inputs and so minimise their costs. By improving efficiency, a business can reduce its costs and improve its competitiveness. There is a difference between production and productivity.

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