Final answer:
True, effectiveness is about achieving goals, and efficiency is about minimizing resources and time used. Efficiency measures how well resources are used to produce desired outcomes, while effectiveness focuses on goal attainment.
Step-by-step explanation:
The statement is true: Effectiveness refers to achieving intended goals, whereas efficiency refers to minimizing cost and time. Efficiency is measured by the output from a given input of energy or resources, indicating how well these inputs are converted into useful work or products. In economic terms, efficiency ensures that resources are not wasted and that they produce the most desired goods and services. On the other hand, effectiveness is about reaching the objectives that have been set, whether in business, personal goals, or economic policy. Economic performance integrates both efficiency and effectiveness, aiming for economic growth, price stability, full employment, and economic security.