Some more notes from revision…
‘Economic Efficiency’ is concerned with the use of scare resources to achieve stipulated ends (ie the lower the cost of production without decreasing quality would achieve a higher economic efficiency).
An alternative method to measure this Economic Efficiency is through Productivity. This can be defined by the efficiency with which a company uses resources to produce an output. An example of this would be labour productivity.
One can also look into Total Factor Productivity, which can be seen as the productivity looking at all resource inputs (labour, capital, technology, materials).
Equity, is simply concerned with the distribution of resources.