What is another word for economic efficiency?
Pronunciation: [ˌiːkənˈɒmɪk ɪfˈɪʃənsi] (IPA) 
Economic efficiency refers to the optimal use of resources within an economy. Synonyms for economic efficiency include cost-effectiveness, productivity, and profitability. Maximizing efficiency in the economy is crucial for businesses to maintain a competitive edge and for governments to meet the needs of their citizens. Other synonyms for economic efficiency include resource allocation, output maximization, and production efficiency. In addition, economic efficiency can also be described as a reduction in waste, minimizing opportunity costs, and an increase in resource utilization. Essentially, economic efficiency is about achieving the highest level of output with the minimum amount of resources required.
