Productivity

Productivity is a measure of the efficiency of a person, machine, factory, system, etc., in converting inputs into useful outputs. It is a measure of how much output is produced with a given amount of input. Productivity is a critical measure of economic performance, as it is a measure of how efficiently resources are being used to produce goods and services. Productivity is also a key factor in determining a country’s standard of living.

History of Productivity

The concept of productivity dates back to the early 19th century, when it was first used to measure the efficiency of factories. Since then, it has been used to measure the efficiency of a wide range of activities, from agriculture to manufacturing to services. Productivity has become increasingly important in the modern economy, as it is a key factor in determining a country’s economic growth and competitiveness.

Productivity Comparison

Summary

Productivity is a measure of the efficiency of a person, machine, factory, system, etc., in converting inputs into useful outputs. It is a measure of how much output is produced with a given amount of input. Productivity is a critical measure of economic performance, as it is a measure of how efficiently resources are being used to produce goods and services. For more information on productivity, visit the websites of the World Bank, the International Labour Organization, and the Organisation for Economic Co-operation and Development.

See Also

• Economic Growth
• Competitiveness
• Labor Productivity
• Total Factor Productivity
• Multifactor Productivity
• Capital Productivity
• Labor Productivity Growth
• Productivity Gap
• Productivity Paradox
• Productivity Measurement

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