Efficiency means:
A)producing the desired result.
B)producing goods and services using the least amount of resources.
C) the amount of output you generate given the amount of input.
D)the buying and selling of goods using the most amount of resources.

Question

Quizplus · Accepted Answer

Efficiency is about using the least amount of resources (input) to produce the desired result (output) of goods and services. Choice A only partially describes efficiency and is too simplistic as it doesn't take into account the use of resources. Choice C is accurate in its definition of efficiency, but it lacks the emphasis on using the least amount of resources. Choice D is incorrect as it describes inefficient resource allocation.

Efficiency Means