Efficiency
Efficiency Meaning:
In business and economics, a quality which refers to the level of output at a given level of inputs. A process can be said to be maximally efficient when it’s not possible to attain more output without increasing the inputs.
In business and economics, a quality which refers to the level of output at a given level of inputs. A process can be said to be maximally efficient when it’s not possible to attain more output without increasing the inputs.
Efficiency Example:
Fuel efficiency in cars measures potential output (range in miles) at a given level of input (energy in the form of a gallon of gasoline). If one car can travel further on one gallon of gasoline than another then it can be said to be the more efficient of the two.
Fuel efficiency in cars measures potential output (range in miles) at a given level of input (energy in the form of a gallon of gasoline). If one car can travel further on one gallon of gasoline than another then it can be said to be the more efficient of the two.