A measure of how efficiently resources are utilized to generate goods and services within an economy.
Related terms
Gross Domestic Product (GDP): The total value of goods and services produced within a country's borders in a specific time period.
Specialization: Concentrating on producing certain goods or services that an individual, region, or country can do most efficiently.
Labor Productivity: The amount of output produced per unit of labor input (e.g., worker or work hour). It measures how efficient workers are in generating goods or services.