Economic efficiency is a general term for the value assigned to a situation by some measure designed to reduce the amount of waste or "friction" or other undesirable economic features present. Economic efficiency is achieved when the cost of producing a given output is as low as possible. Production of a unit of good or services is termed economically efficient when that unit of good or service is produced at the lowest possible cost. In current usage, the term
microeconomic reform refers to any policy that promises to increase economic efficiency (whether it does so or not).
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