What term is used for achieving better output efficiency using fewer resources?

The term that describes achieving better output efficiency using fewer resources is "Efficiency." This concept refers to the ability to maximize output while minimizing input, which can include time, effort, materials, and costs. In a business context, efficiency is crucial as it leads to better productivity and can significantly enhance profitability by reducing waste and optimizing processes.

When evaluating the other options, resource allocation pertains to how resources are assigned and utilized within a business, but it does not inherently speak to the concept of maximizing output from fewer resources. Cost efficiency focuses on minimizing costs specifically, which is a component of efficiency but not the entirety of what efficiency encompasses. Performance measurement involves assessing how effectively resources are being used but does not directly define the concept of achieving improved output with fewer resources. Hence, "Efficiency" best encapsulates the broad idea of optimizing resource use while increasing output.