Abstract: Efficiency is an economic category which for a long time is a pressing issue for the study of its essence, the measurements, the most optimal application for making various management decisions. This study presents, a summary of approaches to definition of essence of efficiency, the researchers vision of the properties of efficiency which allow the observed economic category to differentiate from others and methodically researched criteria-based approach to the measurement of efficiency as the most widespread in practice. A number raised in the study are debatable, the researcher hopes that the publication will contribute to their further development.