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Economics is the social science that analyzes the production, distribution, and consumption of goods and services. A primary textbook distinction is between microeconomics and macroeconomics. 
Microeconomics examines the behavior of basic elements in the economy, such as households and firms or as buyers and sellers and markets, and their interactions. 
Macroeconomics analyzes the entire economy and issues affecting it, including unemployment, inflation, economic growth, and monetary and fiscal policy.
Economic efficiency describes how well a system generates desired output with a given set of inputs and available technology. Efficiency is improved if more output is generated without changing inputs, or in other words, the amount of "waste" is reduced. A widely-accepted general standard is Pareto efficiency, which is reached when no further change can make someone better off without making someone else worse off. Economics Forum

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