Question

Define and explain Economic efficiency

Answer 1

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Economic efficiency: a state where every resource is allocated optimally and each person is served in the best possible way to minimize inefficiency and waste. Efficiency must look at the relationship between the physical output and the physical input. Economic efficiency in

Answer 2

Economic efficiency is defined as state in which all resources are optimally aligned to serve any individual or entity in the best way while minimizing the waste and inefficiency.

Explanation:

At the economic efficiency a company should not do change in any entity. Any change to assist one entity will harm the other one.

A win-win situation can only be achieved when do something better with something and do nothing worse for other one.

Hence, this win – win situation cannot be achieved when we are on economic efficiency.