Simple English definitions for legal terms
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Efficiency: Getting the most benefit possible from a decision or rule. To figure out the best choice, we need to look at all the costs and benefits. The better we do this, the stronger our argument for efficiency will be.
Efficiency refers to achieving the best possible outcome with the least amount of resources or effort. It is a result that yields the largest possible net benefit. To determine the most efficient decision or legal rule, a cost-benefit analysis should be conducted for every available option. The strength of any argument about efficiency largely depends on the number of variables considered and the quality of how costs and benefits are calculated.
These examples illustrate how efficiency can be achieved by making changes that benefit both the environment and the bottom line. By reducing waste and improving transportation, resources are used more effectively, resulting in a larger net benefit for all involved.