Theoretical and methodological essence of economic efficiency and methods of its determination

Abstract

The research topic focuses on the theoretical and methodological aspects of economic efficiency. The essence of the term «efficiency» is disclosed and the author's definition is provided. The main directions of determining efficiency are substantiated. The economic, financial, cost, process and complex approaches to determining efficiency are considered in detail. The advantages and disadvantages of each of these approaches have been identified and substantiated. The basic criteria for the formation of efficiency of enterprises and organizations are considered. These include such important concepts for the effective operation of the enterprise as effectiveness, productivity, economy and effect. Each of these concepts is considered in detail, their fundamental differences from the concept of «efficiency» are determined. Recommendations on the practical use of the results of the study are provided.