Productivity

Definition

Productivity refers to the efficiency at which goods or services are produced. It's often measured as output per unit of input over a specific period.

Related terms

Economic Growth: An increase in the production of goods and services over time within an economy - often linked with higher productivity levels.

Efficiency: The ability to produce something with a minimum amount of effort or waste - this is what high productivity aims for.

Output: The amount of goods or services produced by a person, machine, industry, or country.