Productivity refers to the measure of output produced per unit of input over a specific period. It is commonly expressed as the ratio of outputs—such as goods or services—to the inputs used in production, which may include labor, materials, and capital. Higher productivity indicates that more output is generated with the same or fewer resources, suggesting greater efficiency in the production process. The concept is crucial in economics, business, and organizational management, as it influences profitability, competitiveness, and overall economic growth. Various factors can affect productivity, including technology, worker skills, processes, and management practices. Improvements in productivity can lead to increased wealth and standards of living within an economy.
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