The primary performance measures for an operating system In order for a system to be effectively managed, it is necessary to have feedback Economy requires feedback on the cost of the inputs to a system Efficiency measures how successfully the inputs have been transformed into outputs Well, economic efficiency is a state where every resource is allocated optimally so that each person is served in the best possible way and inefficiency and waste are minimized While this is aEconomic efficiency an aspect of PRODUCTION that seeks to identify, for a given level of OUTPUT, the combination of FACTOR INPUTS that minimizes the COST of producing that output More broadly, economic efficiency is equated with the effectiveness of RESOURCE ALLOCATION in the economy as a whole such that outputs of goods and services fully reflect
Five Types Of Economic Efficiency Quickonomics
