Efficiency, in economic terminology, means:

Question

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Efficiency refers to obtaining the highest output in the least amount of time, which means maximizing productivity while minimizing the use of resources such as time, labor, and materials. Using existing technology (A) may help achieve efficiency, but it is not the same as efficiency itself. Ignoring the time factor (C) would not lead to efficiency, while making do with as few workers as possible (D) is only one possible way to achieve efficiency.

Efficiency, in Economic Terminology, Means