Define the term ‘efficiency’.
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Efficiency refers to the ability to accomplish a task or achieve a goal with the least amount of wasted resources, time, effort, or cost. It is a measure of how effectively inputs are converted into outputs, emphasizing the optimization of processes and resources to maximize productivity. In various contexts, efficiency can be applied to individuals, organizations, or systems, reflecting the ratio of output to input. A highly efficient entity minimizes resource wastage, reduces unnecessary steps, and strives to achieve objectives in the most economical and effective manner. Efficiency is a key indicator of performance, competitiveness, and overall effectiveness in both business and broader operational contexts.