I'm right back at it again. Just like I've always said, you're too cool for school. You ain't here to make no friends. I'm right back at it again. Just like I have always said, you're too cool for school. You ain't here to make no friends. So here I am, I'm right back at it again. You ain't here to make no friends.
Economic efficiency is, roughly speaking, a situation in which nothing can be improved without something else being hurt. Depending on the context, it is usually one of the following two related concepts: 1  Allocative or Pareto efficiency: any changes made to assist one person would harm another.
This at once leads to a general. definition of Economics. Economics is the social science that studies economic activities. This definition is, however, too broad. It does not specify the exact manner in which the. economic activities are to be studied. Economic activities essentially mean production, exchange. and consumption of goods and services. However, with the progress of civilisation, the. complexity of the production, exchange and consumption processes in society have increased. manifold.