Social Efficiency

Social efficiency refers to how well resources and efforts are allocated within a society to maximize overall well-being. It occurs when goods and services are produced and distributed in a way that benefits everyone, balancing individual desires with the collective good. Essentially, it's about achieving the best possible outcomes for society as a whole, ensuring that resources are not wasted and that the benefits of production are shared effectively. When a society is socially efficient, no one can be made better off without making someone else worse off, indicating optimal use of resources for maximum collective benefit.