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Economic efficiency
1. A measure of the size of consumer surplus and producer surplus. An increase in the combined surpluses is an increase in economic efficiency; 2. In commercial fishing, the point at which the added cost of producing a unit of fish is equal to what buyers pay. Producing fewer fish would bring the cost lower than what buyers are paying. Producing more fish would raise the cost higher than what buyers are paying. Harvesting at the point of economic efficiency produces the maximum economic yield (MEY).
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- Part of Speech: noun
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- Industry/Domain: Fishing
- Category: Marine fishery
- Organization: NOAA
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