Using your resources wisely means using the smallest amount of resources to produce the greatest amount of output.

True / False.

True

Explanation:

Using your resources wisely means using the smallest amount of resources to produce the greatest amount of output. In terms of the economic efficiency, when all goods and factors of production in an economy are distributed or allocated to their most valuable uses and waste is eliminated or minimized. Economic efficiency is when every scarce resource in an economy is used and distributed among producers and consumers in a way that produces the most economic output and benefit to consumers. Economic efficiency can involve efficient production decisions within firms and industries, efficient consumption decisions by individual consumers, and efficient distribution of consumer and producer goods across individual consumers and firms. Effective management is described a use staff, time and resources wisely to minimize unnecessary cost to the organization.