Economic Development
Productivity refers to the efficiency with which inputs, such as labor and capital, are transformed into outputs, typically measured as the amount of goods and services produced per unit of input. High productivity indicates that more is being produced with the same or fewer resources, which is essential for economic growth and development. Increasing productivity can lead to improved living standards, as it often results in higher wages and better job opportunities.
congrats on reading the definition of productivity. now let's actually learn it.