ECONOMICS

Detailed explanation-1: -Resource efficiency means using the Earth’s limited resources in a sustainable manner while minimising impacts on the environment. It allows us to create more with less and to deliver greater value with less input.

Detailed explanation-2: -Efficiency versus effectiveness defined. Efficiency is the ability to produce an intended result in the way that results in the least waste of time, effort, and resources. Effectiveness is the ability to produce a better result, one that delivers more value or achieves a better outcome.

Detailed explanation-3: -Many factors determine resource use and productivity, including climate, population density, infrastructure needs, domestic availability of raw materials versus reliance on imports, prevailing fuel in the power generation sector, the rate of economic growth, technological development, and the structure of the economy.

Detailed explanation-4: -Efficiency in management means performing activities with the minimum wastage of resources which also refers to optimum utilization of resources so that the organisation can maximize the profit.