Thursday, October 19th 2017

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 itís 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.
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