ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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. There are two widely used productivity concepts. Labour productivity is defined as output per worker or per hour worked.

Detailed explanation-2: -Productivity decreases when: less output is produced without decreasing the input.

Detailed explanation-3: -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-4: -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-5: -Productivity is a measure of economic or business performance that indicates how efficiently people, companies, industries and whole economies convert inputs, such as labor and capital, into outputs, such as goods or services.