cost-effectiveness

Definitions

General Science

Economics

  • noun the most economical way of achieving a desired result, either in the public sector or the private. It is essentially using the resources available to the best advantage.

Health Economics

  • (written as Cost-effectiveness)
    In its most general sense, the attainment of a given rate of output or outcome at the lowest possible opportunity cost. Whether the output or outcome in question is worth its cost is another matter, not addressed directly by cost-effectiveness.
  • synonymCost-efficiency
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