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PIARC (World Road Association), founded in 1909 and comprising 125 member governments from all over the world, is the global forum for exchange of knowledge and experience on roads, road transport policies and practices. With consultative status to the Economic and Social Council of the United Nations, the Association is contributing to a stable and sustainable global development of the road and transport sector.

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Term of the Road Dictionary

economic efficiency

  • Language : PIARC Road Dictionary / English
  • Theme : Financial and Legal Tools Finance and Procurement Economics and Finance
  • Definition : Use of inputs in such a way as to produce a given amount of outputs at the lowest possible cost. Note: the concept of economic efficiency is only relevant when the quality of goods being produced is unchanged.

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