GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Define productivity
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Amount of g/s produced per unit of resources
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Cost of g/s produced
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Total amount of g/s produced
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Increase in quantity of g/s produced
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Explanation:
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: -What is the productivity formula? The basic calculation for productivity gives you a simple ratio : Productivity = total output / total input.
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