Economics 101: Efficiency By Sterling on October 19, 2016 What is efficiency in economics? Efficiency is the allocation of economic goods in a way that maximizes both producer surplus and consumer surplus. Efficiency is essentially finding the best way of doing something, that benefits as many people as possible. It’s doing the best with what you have. Related:Economics 101: Benefits PrincipleEconomics 101: Efficient ScaleEconomics 101: Efficiency WagesEconomics 101: Price Elasticity Of Demand Also published on Medium.