ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -In economics, productivity refers to how much output can be produced with a given set of inputs. Productivity increases when more output is produced with the same amount of inputs or when the same amount of output is produced with less inputs.

Detailed explanation-2: -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-3: -Productivity is typically measured by comparing an aggregate output with a single input or comparing an aggregate input with an aggregate output, over time. Productivity is a measure of how efficiently a person completes a task.

Detailed explanation-4: -Productivity is commonly defined as a ratio between the output volume and the volume of inputs. In other words, it measures how efficiently production inputs, such as labour and capital, are being used in an economy to produce a given level of output.

Detailed explanation-5: -Output is a quantity of goods or services produced in a specific time period (for instance, a year). For a business producing one good, output could simply be the number of units of that good produced in each time period, such as a month or a year.