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: -The productivity of a production process can be defined as the efficiency with which goods and services are produced. Productivity is typically measured by comparing an aggregate output with a single input or comparing an aggregate input with an aggregate output, over time.

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: -Labor productivity: measures the total economic output (revenue) per labor hour. Capital productivity: determines the efficiency in which capital (such as machinery) is used to produce a specific output. Material productivity: measures the total economic output generated per unit of material used.

Detailed explanation-5: -Productivity means doing more work during the same time frame, and efficiency means doing the same amount of work in less time. They’re two separate things and concepts, but it’s important to remember they’re interdependent.