ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Productivity is a measure of economic performance that compares the amount of goods and services produced (output) with the amount of inputs used to produce those goods and services.

Detailed explanation-2: -Labour productivity is defined as output per worker or per hour worked. Factors that can affect labour productivity include workers’ skills, technological change, management practices and changes in other inputs (such as capital). Multifactor productivity (MFP) is defined as output per unit of combined inputs.

Detailed explanation-3: -Productivity, in economics, measures output per unit of input, such as labor, capital, or any other resource. It is often calculated for the economy as a ratio of gross domestic product (GDP) to hours worked.

Detailed explanation-4: -Labour productivity is defined as the quantity of goods and services produced per unit of labour input, for example, per hour worked, per filled job or per worker. It is one of the most widely used measures of economic performance of a nation or an area.