The extent to which a given set of resources is being allocated across uses or activities in a manner that maximizes whatever value they are intended to produce, such as output, market value, or utility. Contrasts with engineering efficiency, which focuses within a single activity on the output it produces per unit input.
the extent to which managers are able to make optimum use of resources in production by accounting for the relative prices of resources and products; prices are used to select from a number of technically efficient combinations of resources; where market prices do not coincide with community values the result is the selection of products and practices that are socially inefficient
In commercial fishing, the point at which the added cost of producing a unit of fish is equal to what buyers pay. Producing fewer fish would bring the cost lower than what buyers are paying. Producing more fish would raise the cost higher than what buyers are paying. Harvesting at the point of economic efficiency produces the maximum economic yield. See maximum economic yield and economic rent.