What does the value of efficiency mean?
A) To possess a large enough supply of goods and services to meet basic demands
B) To possess the capacity or resources to act as one wishes
C) To treat all humans identically, regardless of race, class, gender, age and sexual preference
D) To be safe from those wishing to interfere with your property rights
E) To maximize the amount of wealth in society

Question

Quizplus · Accepted Answer

Efficiency in economic terms refers to the optimal production and distribution of resources to maximize wealth or output in society. It involves making the best use of resources to produce the maximum amount of goods and services, thereby maximizing wealth.

What Does the Value of Efficiency Mean