| 单词 | economic efficiency |
| 释义 | economic efficiencyDefinition 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 SentenceThe economic efficiency achieved was historic for our firm so we were able to throw a party for our analysts. You need to make sure that your business is proficient in economic efficiency so that you can get the most from your product. 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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