economic efficiency
Definition
Situation in which (with the given state of technology) 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. Also called allocative efficiency, it indicates that a "just the right balance between pain and gain" has been achieved. See also economic inefficiency and Pareto optimum.
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