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Originally Posted by G.K Zhukov
Less manpower-hours used in the production of a certain piece of goods, the more efficient the production is.
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Well, sort of. That would result in high productivity of the workforce (and probably low capital productivity in a Cobb-Douglas sense), however inputs in the simple notion of Factors of Production include Land Labour Capital and Enterprise. Some combination therein is used to produce an item, and an item that is produced with less resources is more efficicent than a combination that uses more.
Now, definitions of production vary, but usually essentially mean to "bring it to market", thus including transportation and packaging costs. However, more strict definitions would exist.
So, having established what Efficiency is, it then becomes a discussion as to what is meant by the term 'economic'. For example, by including economic (or implicit) costs, yet still being the most efficient method of production, that could be deemed economically efficient. however, only considering explicit costs, a different production set might be more efficient, which might be "accounting efficient". Or somesuch.