What is Economic Efficiency?
1.
The ability of an economic system to provide what people what, given their incomes. Given the fact that incomes and resources are both finite, efficiency will be of the utmost importance in determining if people's wants are satisfied by the workings of the economic system.
Free market economies usually provide high levels of economic efficiency.
See
Random Words:
1.
(Verb) Formerly Cranking Butts. To smoke cigarettes profousely. Someone who cranks butts is usually also defined as a chain smoker. Orig..
