1. What do you mean by the term Efficiency in your language?

Ans. Efficiency is a term that refers to a state of peak performance in which the fewest possible inputs are employed to achieve the biggest possible output.
Efficiency refers to the process of reducing the amount of unnecessary resources, such as personal time and energy, used to create a certain product.
It is a quantitative term derived by dividing useable output by total input.
While obtaining the desired result, it minimizes resource waste, including physical materials, energy, and time.

2. Define Equity in your own Language.

Ans. Equity refers to the value of a business that may be assigned to its shareholders in finance and accounting.
The difference between assets and liabilities on a balance sheet represents the book value of equity, whereas the market value of equity is determined by the current share price (if publicly traded) or a value estimated by investors or valuation professionals.
Additionally, the account is referred to as net worth or shareholder/owner/stockholder equity.