ENTREPRENEURSHIP

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: -Efficiency can be expressed as a ratio by using the following formula: Output ÷ Input. Output, or work output, is the total amount of useful work completed without accounting for any waste and spoilage. You can also express efficiency as a percentage by multiplying the ratio by 100.

Detailed explanation-3: -Productivity is a measure of the rate at which output of goods and services are produced per unit of input (labour, capital, raw materials, etc.).

Detailed explanation-4: -Using the following labor productivity equation, you can measure employee productivity: total output /total input. Suppose your company generated $50, 000 worth of products (output) while utilizing 1, 000 labor hours (input); the labor productivity can be calculated by dividing 50, 000 by 1, 000, which equals 50.

Detailed explanation-5: -“Productivity refers to the efficiency of the production system and an indicator to; how well the factors of production (land, capital, labor and energy) are utilized”. Productivity is the ratio between output of wealth and input of resources used in production processes.