economic efficiency

Popular Terms
The situation in which it is impossible to generate a larger welfare total from the available resources. In other words, the situation where some people cannot be made better-off by reallocating the resources or goods, without making others worse-off. It indicates that a balance between benefit and loss has been achieved. Also called allocative efficiency. See also economic inefficiency and Pareto optimum.

Use 'economic efficiency' in a Sentence

The economic efficiency achieved was historic for our firm so we were able to throw a party for our analysts.
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You need to make sure that your business is proficient in economic efficiency so that you can get the most from your product.
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People don't realize that there is a difference between a need and a want, and this is why there is very few people who practice economic efficiency with any skill.
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