Getting any given results with the smallest possible inputs, or getting the maximum possible output from given resources. Efficiency in consumption means allocating goods between consumers so that it would not be possible by any reallocation to make some people better off without making anybody else worse off. Efficiency in production means allocating the available resources between industries so that it would not be possible to produce more of some goods without producing less of any others. Efficiency in the choice of the set of goods to produce means choosing this set so that it would not be possible to change it so as to make some consumers better off without others becoming worse off. Efficiency is also referred to as Pareto-optimality.

See also:

technical efficiency, and X-efficiency

• core inflation
• corner
• corner a market
• corner solution
• corporate equity
• corporate income tax
• corporate sector
• corporation
• Corporation Tax
• corporatism
• correlation
• correlation of returns
• corruption
• corset, the
• cosine
• cost
• cost accounting
• cost-benefit analysis
• cost centre
• cost curve
• cost-effectiveness
• cost function
• cost inflation
• cost, insurance, and freight
• cost minimization