Section 83(3) of the Public Financial Management Act, 2016, Act 921 states that the Internal Auditor of a covered entity shall provide assurance on the efficiency, effectiveness and economy in the administration of the programmes and operations of the covered entity. The following information was extracted from a covered entity for the month of December, 2017: a) Machine Capacity Monthly Output of 10,000 units b) Maximum Market Demand for the month 6,000 units c) Actual Production for the month 8,000 units d) 1 (one) unit of output requires: 2 units of input e) Standard cost of 1 unit of input GH 3 f) Actual material input for the month was 15,000 units GH 42,000 The covered entity uses Just in Time stock inventory management Required a) Explain the terms: efficiency, effectiveness and economy. b) Prepare an appraisal and report on value for money on public expenditure of the covered entity for the month of January, 2017.