EFFICIENCY is the ratio of the output to the input of any system.
VAD, in business, can mean: Value of Annual Demand, Value-Added Data, Value-Added Dealer, or, Value-Added Distributor.
NONCOMPETITIVE BID, in securities, is a bid allowed to be placed on a noncompetitive basis by the U.S. Treasury at one of its securities auctions. A bidder in this case does not specify the price at which it wishes to purchase these securities. However, at the close of bidding, it is awarded all or part of the number of bonds it asked for at the average price of all the accepted competitive bids.
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