EFFICIENCY: Obtaining the most possible satisfaction from a given amount of resources. Efficiency for our economy is achieved when we can not increase our satisfaction of wants and needs by producing more of one good and less of another. This is one of the five economic goals, specifically one of the two micro goals (the other being equity). See also | scarcity | satisfaction | resources | economic goals | micro goals | equity | macro goals | competitive market | market failure | market control | demand price | supply price | opportunity cost |
