ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -The labor productivity ratio is a metric expressing the number of work units produced per time worked. productivity ratios essentially quantify output/input, with input being time worked and output being work units.

Detailed explanation-3: -Productivity is broadly defined as the ratio of output to inputs. With respect to the economy, productivity measures how efficiently goods and services can be produced by comparing the amount of economic output with the amount of inputs (labor, capital, etc.) used to produce those goods.

Detailed explanation-4: -Single-factor productivity refers to the measurement of productivity that is a ratio of output and one input factor. A most well-known measure of single-factor productivity is the measure of output per work input, describing work productivity.

Detailed explanation-5: -What is multifactor productivity? Multifactor productivity (MFP) is a measure of economic performance that compares the amount of output to the amount of combined inputs used to produce that output. Combinations of inputs can include labor, capital, energy, materials, and purchased services.