Nov 292012
 

Definition:

Economic efficiency is the allocation of resources in the economy that yields an overall net gain to society as measured through valuation in terms of the benefits of each use minus its costs.

Source:

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Food and Agriculture Organization of the United Nations, AQUASTAT Web Site

Edward B. Barbier, Mike Acreman, and Duncan Knowler, 1997, Economic Valuation of Wetlands: a Guide for Policy Makers and Planners, Ramsar

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