efficiency

Efficiency refers to the ability to achieve a goal or objective with the least amount of waste or effort. In simpler terms, it means doing something well and quickly.

There are two main types of efficiency:

• Economic efficiency: This focuses on maximizing output with the least amount of input, often measured in terms of cost or resource usage.
• Technical efficiency: This focuses on producing the maximum output with a given set of inputs, regardless of cost.

Efficiency is a key concept in many fields, including business, economics, engineering, and technology.