Efficiency is the percent of a industry's capacity that is actually used.
Increasing the production effiency of a commodity is beneficial in several ways. For one, decreases the cost per unit, making it much more compeditive on the global market and affordable for a populace to consume, increasing Demand. Additionally, it increases the volume of production, allowing a region to become more self-sufficient and able to produce significant exports.
The benefits of efficient production and market prowess comes at a price, however. The cost of efficiency increases as the total amount of production increases, which can eventually cause the expense to outweigh the benefits. On top of that it affected by inflation, which can quickly eat the profits of resource-poor regions.
Note that investments in efficiency aren't included in the cost per unit, and are left to a player or minister to factor.
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