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Efficiency 
 Source: Encyclopedia of Banking & Finance (9h Edition) by Charles J Woelfel
(We recommend this as work of authority and you can order it here)              

The nonwasteful use of resources.  Efficiency implies that all resources are being used to their potential.  Associated with the efficient use of resources are other concepts in economics, such as the absence of economic rents, zero economic profits in a competitive market, and an economy operating on its production possibility frontier.

See EFFECTIVENESS


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