Question

What is efficiency?


replacing old ways of producing goods and services with new tools and methods


using resources in such a way as to maximize the production of goods and services


finding the most expensive, time-consuming way to produce a good or service


using the maximum number of resources to produce goods and services

Answer 1

Efficiency is best described as **using resources in such a way as to maximize the production of goods and services**. This means utilizing the least amount of resources (such as time, money, and materials) to achieve the highest output, effectively optimizing processes to enhance productivity.