Productivity

Productivity refers to the efficiency with which goods and services are produced, often measured as the ratio of outputs to inputs in a given system or process. In a broad sense, it denotes how effectively resources, such as labor, capital, and technology, are utilized to generate economic value or achieve specific goals. Higher productivity indicates more output is produced with the same amount of inputs, leading to increased economic growth and profitability. Productivity can be assessed on various levels, including individual workers, teams, businesses, or entire economies. Key factors influencing productivity include technology, workforce skills, management practices, and organizational structure. Improving productivity is a central focus for businesses and economies as it enhances competitiveness and overall wealth creation.