Productivity

Productivity refers to the measure of efficiency with which goods and services are produced, typically expressed as the ratio of outputs to inputs in a given time frame. It is often quantified through metrics such as output per labor hour or total output compared to total resources utilized. High productivity indicates that more output is generated with the same amount of input, reflecting effective use of resources, including labor, capital, and technology. It is a key determinant of economic growth, competitiveness, and overall performance in industries and organizations. Increasing productivity can lead to higher economic output, improved quality of life, and reduce costs for consumers, making it a focal point for businesses and policymakers alike.