| Webster's Online Dictionary |
| Expressions | Domain | Definition | |
| Economic efficiency | Energy | A term that refers to the optimal production and consumption of goods and services. This generally occurs when prices of products and services reflect their marginal costs. Economic efficiency gains can be achieved through cost reduction, but it is better to think of the concept as actions that promote an increase in overall net value (which includes, but is not limited to, cost reductions). (references) | |
| Economic efficiency | Mining | 1: The usefulness of inputs (costs) to produce outputs (benefits) and effects when all costs and benefits that can be identified and valued are included in the computations. Economic efficiency is measured using benefit-cost ratios in timber sale project analysis. See also cost efficiency. (references) | |
| 2: A measure of how well inputs are used to achieve outputs when all inputs and outputs (including environmental) are identified and valued. It is usually measured by incremental present net value. Other measures, such as benefit/cost ratio, or rate-of-return, may be used. See also cost efficiency. (references) | |||
| Economic efficiency analysis | Mining | A comparison of the values of resource inputs (costs) required for a possible course of action with the values of resource outputs (benefits) resulting from such action. In this analysis, incremental market and nonmarket benefits are compared with investment and physical resource inputs. (references) | |
Source: compiled by the editor from various references; see credits. | Top | ||
