Definition
Inefficiency occurs when resources are not used in the best possible way.
Why It Matters
Inefficiency leads to wasted resources and lower output.
Example
Producing goods at higher-than-necessary cost.
Malone Global University
Malone Global University
Economics Glossary – Malone Global University
Inefficiency occurs when resources are not used in the best possible way.
Inefficiency leads to wasted resources and lower output.
Producing goods at higher-than-necessary cost.