I'm right back at it again. Just like I've always said, you're too cool for school. You ain't here to make no friends. I'm right back at it again. Just like I have always said, you're too cool for school. You ain't here to make no friends. So here I am, I'm right back at it again. You ain't here to make no friends.
Economic efficiency is, roughly speaking, a situation in which nothing can be improved without something else being hurt. Depending on the context, it is usually one of the following two related concepts: 1  Allocative or Pareto efficiency: any changes made to assist one person would harm another.
Full Definition of EFFICIENCY. 1. : the quality or degree of being efficient. 2. a: efficient operation b (1) : effective operation as measured by a comparison of production with cost (as in energy, time, and money) (2) : the ratio of the useful energy delivered by a dynamic system to the energy supplied to it.