[You Are Gay]

I would suggest 'Economic Efficiency' is about obtaining the greatest profit from a set amount of resources (money).

Economic Efficiency isn't just about paying the least amount to produce something. For example there are three clothing chains. Chain A designs in Britain and produces the garments in China (cost to produce a garment = £1). Chain B designs in Britain and produces the garments in Rommania (cost to produce a garment = £2). Chain C designs and produces in Britain (cost to produce a garment = £10). For arguments sake all clothes produced retail at the same value. Now because China is 6 weeks away by the time the clothes hit the high street the fashion they're based on is already somewhat old news. The retailers only sell 30% of the stock they get. Rommania on the other hand is a week away and because of that they sell 70% of the stock from there. Now even though it's costing more to produce the Rommanian clothes your getting more profit so it makes sense to produce the clothes in Rommania.

Now initially it might look like a no-brainer to not make clothes in the UK but if you're selling every piece you make and are doing so at exhorbitant prices then you're going to make more money (i appreciate i said all items retailed at the same price in the original example but "whatever").

Now if you're making an item of clothing which isn't really "fashion-based", e.g. a plain work shirt or generic pants, then it makes sense to produce in China because it doesn't matter how long the clothes take to arrive because they're going to sell just the same.