Economic efficiency describes utilizing resources to construct the maximum amount of goods and services.
<h3>What is Economic efficiency?</h3>
In order to serve each person or entity in the best possible manner while minimizing waste and inefficiency, economic efficiency implies an economic state. Any adjustments made to benefit one entity would hurt another in an economically effective economy.
A balance between benefits and costs is a sign of economic efficiency. Example: A farmer wishes to sell a portion of his property. The person who will pay the highest price for the land uses the resource more effectively than the person who will not pay the highest price.
The best use of resources for each individual in that economic situation is referred to as economic efficiency. Although there is no predetermined cutoff point that establishes the viability of an economy, indicators include products that are sold for the least amount of money and labor that produces the most amount of things.
Hence, Economic efficiency describes utilizing resources to construct the maximum amount of goods and services.
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