Productivity
Definition
Productivity refers to the efficiency with which resources are used in producing goods and services. It measures the amount of output produced per unit of input.
Related terms
Marginal Productivity: The additional output produced when one additional unit of input is added while keeping all other inputs constant.
Division of Labor: Breaking down a complex task into smaller specialized tasks performed by different individuals, leading to increased productivity.
Human Capital: The skills, knowledge, experience, and abilities possessed by workers that contribute to their productivity.
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