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Efficiency is the often measurable ability to avoid making mistakes or wasting materials, energy, efforts, money, and time while performing a task.In a more general sense, it is the ability to do things well, successfully, and without waste.
The first fundamental welfare theorem provides some basis for the belief in efficiency of market economies, as it states that any perfectly competitive market equilibrium is Pareto efficient. The assumption of perfect competition means that this result is only valid in the absence of market imperfections, which are significant in real markets.
Simply stated, effective means achieving an effect, and efficient means getting a task or job done it with little waste. To illustrate: suppose, you build 10 houses, very fast and cheap (efficient), but no one buy them. In contrary to building 5 houses same budget and time as 10 houses but you get all 5 sold and the buyers are happy (effective).
It is a common misconception that costs, in absolute terms, are always cut when improving operational efficiency. It is true for the "same for less" alternative, but not for the two other alternatives. It can be operationally efficient to increase cost - as long as the output is increasing more.
According to the definition of market failure, it is a circumstance in which the conclusion of the first fundamental theorem of welfare is erroneous; that is, when the allocations made through markets are not efficient. [19] In a free market, market failure is defined as an inefficient allocation of resources.
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Usability can be described as the capacity of a system to provide a condition for its users to perform the tasks safely, effectively, and efficiently while enjoying the experience. [1] In software engineering , usability is the degree to which a software can be used by specified consumers to achieve quantified objectives with effectiveness ...
Resource efficiency is the maximising of the supply of money, materials, staff, and other assets that can be drawn on by a person or organization in order to function effectively, with minimum wasted resource expenses.