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 ?
The organizational structure has been changed to increase mobility and management efficiency, deepen the process of Samruk-Kazyna' Transformation Programme, introduce a vertical structure of asset management, and improve the economic efficiency of national companies within the Fund's structure.
Summary: New electricity tariff to raise economic efficiency, rationalise consumption of natural resources
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Both the sides agreed to speed up the reforms process that will bring economic efficiency and transparency in the system.
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The new coating system, Relest Wind Leading Edge, improves the economic efficiency of wind turbines.
There is the obvious economic efficiency logic that middlemen have competency in delivering the service for a fee.

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