Question

How cost efficiency and cost effectiveness are complementary to each other?

Answer 1

Efficient (adj.) – Performing or functioning in the best possible manner with the least waste of time and effort. The difference between effectiveness and efficiency can be summed up shortly, sweetly and succinctly – Being effective is about doing the right things, while being efficient is about doing things right.

Answer 2

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There are a number of different types of economic efficiency. The five most relevant ones are: allocative, productive, dynamic, social and X-efficiency. Allocative efficiencyoccurs when goods and services are distributed according to consumer preferences.