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 Generally speaking, economic efficiency refers to a market outcome that is optimal for society In the context of welfare economics, an outcome that is economically efficient is one that maximizes the size of the economic value pie that a market creates for society In an economically efficient market outcome, there are no available Pareto improvements to be made,"An allocation of resources in the economy is economically efficient (now called Pareto efficient) if it is impossible to reallocate the resources so as to make at least one person feel better off without making someone elseEconomic Efficiency means the optimal use of resources in order to maximize the production of goods and services A company or an economic system is more efficient if it can produce more without using more resources In microeconomics production is considered to be economically efficient when a unit of good is produced at the lowest possible cost A situation is economically efficient Water Free Full Text...