What term refers to the efficient use of resources to maximize total economic value?

The concept that refers to the efficient use of resources to maximize total economic value is efficiency. In economics, efficiency specifically pertains to the optimal distribution and use of resources so that no other arrangement can produce more of one good without producing less of another—this is known as productive efficiency. When resources are allocated efficiently, it leads to a scenario where goods and services are produced at the lowest possible cost and are distributed in a way that maximizes overall satisfaction and utility for society.

While other terms are relevant in different contexts, such as resource allocation (which deals with how resources are distributed among various uses), economic equity (which focuses on fairness in the distribution of wealth), and marginal utility (which looks at the additional satisfaction gained from consuming one more unit of a good), they do not encapsulate the idea of using resources in a way that maximizes total economic value as succinctly as efficiency does. Hence, efficiency is the most appropriate term in this context.