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 number 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. In finance and accounting, equity refers to the worth of a company that can be attributed to its shareholders. The gap between assets and liabilities on a company's balance sheet is the book value of equity, whereas the market value of equity is based on the current share price (if public) or a value estimated by investors or valuation professionals. The account is also known as net worth or shareholders/owners/stockholders equity.