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For each historical identification question, define the term and briefly describe its historical significance.
Elizabeth I
Efficient
Achieving maximum productivity with minimum wasted effort or expense, often in the context of economic resource allocation.
Economy
The system by which goods and services are produced, distributed, and consumed within a society or geographic area.
Inefficient
The condition where resources are not used in the best possible way, often leading to waste and loss of potential gain.
Economy
A system consisting of the production, trade, distribution, and consumption of goods and services by different agents in a given geographical location.
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