The extent to which a given set of resources is being allocated across uses or activities in a manner that maximizes whatever value they are intended to produce, such as output, market value, or utility. Contrasts with engineering efficiency, which focuses within a single activity on the output it produces per unit input.
Browse by Subjects
See All Related Terms »
International Monetary Fund
American Psychological Association (APA):
Chicago Manual of Style (CMS):
Modern Language Association (MLA):