Concept information
Preferred term
economic efficiency
Definition
- Economic efficiency studies production, distribution, and consumption assuming that the goal of these activities is to gain a return from using or moving resources. It is similar to the concept of mechanical efficiency, which measures the efficiency of physical processes by relating energy output to energy input. [Source: Encyclopedia of Business Ethics and Society; Economic Efficiency]
Broader concept
Belongs to group
URI
https://concepts.sagepub.com/social-science/concept/economic_efficiency
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