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Can you define efficiency and give a few examples?

This question asked by Anonymous

Efficiency means doing something at the lowest possible cost. For the firm that means operating where ATC is minimized. For you and me that means studying the fewest hours to get the grade you want. many things in life are not as efficient as they should be. For instance, we still have pennies as part of our coinage. Not only do pennies cost the government more than a penny to make but they also slow down transactions by requiring more coins to make change. If each cash transaction takes 1 second longer because we are using pennies that is a big time loss for the economy.

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