Economic efficiency

{
  "id": "MLC-T-LAW-005340",
  "term": "Economic efficiency",
  "field": "Law",
  "definition": "A state where all resources are allocated in the most optimal way to maximize overall societal welfare, given existing technology and resource endowments. It encompasses both productive efficiency, where goods are produced at the lowest possible cost, and allocative efficiency, where resources are distributed to produce the goods and services most desired by society. Pareto efficiency is a common measure, where no one can be made better off without making someone else worse off.",
  "url": "https://mlchart.com/terminology/law/economic-efficiency/"
}