Economic Efficiency

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Economic Efficiency

 

the ratio between the results of production—output and material services—on the one hand and expenditures of labor and the means of production on the other. Under socialism, economic efficiency is a key index of economic development. For the capitalist entrepreneur, expenditures take the form of fixed capital stock and circulating productive capital advanced by him, and results take the form of profits. Comparisons of expenditures and results based on report and statistical data for the various branches of the economy and for the national economy as a whole are used in the management of capitalist firms, whose primary motive is the desire to maximize profits.

References in periodicals archive ?
Performing maintenance work with the knowledgeable and attending personnel of the properties is economically efficient and inexpensive.
The proposed Panglao-Bohol International Airport Authority (PBIAA), will be attached to the Department of Transportation (DOTr) and shall principally undertake the economically efficient and effective control, management, and supervision of the airport.
Increasing transport volumes, the shift of global trade flows and the fast-growing trend of economically efficient transport chains can only be faced by intelligent digitalisation," Schmickl told The Slovak Spectator.
The economically efficient and robust Pax2Go version of the Z100 is designed and pre-certified for standard A320 and B737 configurations with lead times of as short as three weeks from order to delivery.
It considers what higher educationAEs mission is in globalizing knowledge-based economies, in the context of the race between the contributions of research creating new knowledge and the need by the rest of the population to acquire skills to keep up; the level of total investment in higher education financed by both private and public sources that is economically efficient for growth and broader development; and how far the degree of privatization in the financing of public and private higher education should go if it is to be economically efficient in serving the greater good.
Due to the Funds' inability to attract sufficient investment assets, Rafferty believes they cannot continue to conduct their business and operations in an economically efficient manner.
He noted that as Afghanistan is a land-locked country, and said, "Chabahar Port will be the shortest and most economically efficient way for the access to the high seas.
Sustainable production is the creation of goods and services using processes and systems that are: non-polluting, conserving of energy and natural resources, economically efficient, safe and healthful for workers, communities and consumers.
It just has to happen in line with EU rules and be economically efficient for Bulgaria,a he pointed out.
The new procedure will also be economically efficient, as Egyptian buses are much cheaper than their Turkish counterparts.
A National Grid spokesman said: "Constraint payments are the most economically efficient way to balance the system while we await improvements to the electricity network.
From this location, Schmidt will provide economically efficient solutions for storage and warehousing, handling and shipping of a multitude of bulk goods such as polyethylene, polypropylene, catalysts and additives for the chemical and petrochemical industry.

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