economic efficiency
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economic efficiency
The relationship between the benefit or return achieved and the effort or costs required for it. High economic efficiency means that a large benefit is achieved with little effort.
Vor der großen Investition prüfte das Unternehmen sorgfältig die Wirtschaftlichkeit des Projekts.
Before making the large investment, the company carefully examined the economic efficiency of the project.
The word is derived from the adjective 'wirtschaftlich' (economic/economical). The ending '-keit' turns adjectives that describe a quality into a noun that represents that quality as a concept.
Die Wirtschaftlichkeit ist ein entscheidendes Kriterium für die Auswahl der Methode.
Economic efficiency is a decisive criterion for choosing the method.
'Wirtschaftlichkeit' (economic efficiency) is often used with verbs that express analysis or evaluation. Typical combinations are 'die Wirtschaftlichkeit prüfen' (to examine economic efficiency), 'berechnen' (to calculate), 'bewerten' (to evaluate), or 'erhöhen' (to increase).
Ein Experte soll die Wirtschaftlichkeit der Baumaßnahme prüfen.
An expert is supposed to examine the economic efficiency of the construction measure.
To say what the economic efficiency of something is being evaluated, German usually uses the genitive or the preposition 'von' (of/from). For example, 'die Wirtschaftlichkeit des Projekts' (the economic efficiency of the project) or 'die Wirtschaftlichkeit von diesem Vorgehen' (the economic efficiency of this approach).
Die Wirtschaftlichkeit der neuen Software ist noch nicht bewiesen.
The economic efficiency of the new software has not yet been proven.
efficiency
'Effizienz' and 'Wirtschaftlichkeit' both compare a benefit with the effort required. 'Effizienz' is more general and can refer to time, energy, work, or money. 'Wirtschaftlichkeit' is used especially when costs and financial benefit are important. The words can easily be confused because an economically efficient approach should usually also be efficient. As a simple guide: when it is generally about using little effort, 'Effizienz' fits. When it is about costs, profit, or financial benefit, 'Wirtschaftlichkeit' is more precise.
Vor dem Kauf prüft die Stadt die Wirtschaftlichkeit der neuen Busse.
Before buying them, the city checks the economic efficiency of the new buses.
Die Effizienz der neuen Methode zeigt sich darin, dass wir die Aufgabe in der halben Zeit schaffen.
The efficiency of the new method is clear from the fact that we can complete the task in half the time.