Efficiency can best described as

Efficiency is the ability to avoid wasting materials, energy, efforts, money, and time in doing something or in producing a desired result. In a more general sense, it is the ability to do things well, successfully, and without waste.

Efficiency is a level of functioning when a business produces the highest amount of output for a unit of input.

Explanation:

Efficiency means utilisation of resources to that can be achieved by reducing cost. It requires reducing the unwanted resources used to manufacture given product and services. It minimises the waste such as material, energy, time while achieving the desired goal.

Greater the efficiency, higher the amount of profitability and growth the business entity or firm or the concern achieves.

Market efficiency defines how the stock prices affect the available market data.

Economic efficiency means utilisation of resources to serve the economy.