Question

What is economic efficiency in economics with example?

Answer 1

Well, economic efficiency is a state where every resource is allocated optimally so that each person is served in the best possible way and inefficiency and waste are minimized. while this is a general definition, let's look at some other factors used to describe this term.1.

Answer 2

Explanation:

Economic efficiency implies an economic state in which every resource is optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency. When an economy is economically efficient, any changes made to assist one entity would harm another.