Economy means minimising the costs of resources used for an activity (input), while maximising quality; ‘efficiency’ is the relationship between outputs and the resources used to produce them.
Economy means the acquisition of the appropriate quality and quantity of financial, human, physical and information resources at the appropriate times and at the lowest cost.
Economy means the acquisition of the appropriate quality and quantity of resources at the appropriate time and the lowest prices. (Auditing and Assurance Standards Board (AUASB) 2008, 15)
Examples of Economy in a sentence
The Minister of Finance and Economy of the Borrower is designated as representative of the Borrower for the purposes of Section 11.03 of the General Conditions.
The Union further recognizes that the Employers are subject to directives of the Board of Internal Economy and The Legislative Assembly and Executive Council Act.
The Borrower’s Representative is its Minister of Economy and Production.
The Borrower’s Representative is its Minister of Economy and Finance.
In accordance with FAR 17.502-2(b), the Economy Act does not apply to task orders awarded under XXXXX under the authority of 40 U.S.C. 501.
More Definitions of Economy
Economy means the service listed in carrier's official general schedule as economy flights.
Economy means taking into account factors such as price, quality, and any other non- price attributes, as appropriate, without adversely affecting the viability of the project.
Economy means the global system of managing resources and of producing, distributing and consuming goods, materials and services.
Economy means acquiring resources at the competitive lowest cost without compromising the quality with regards to the objectives of a local government;
Economy means minimising the cost of resources used or required to achieve priority objectives;
Economy means that the assets used by the public fund beneficiary for conducting its activities should be available on time, in adequate quantity, with adequate quality and at the most favourable price;
Economy means discussing the various trade-offs of costs vs minimal acceptable performance.