GENERAL KNOWLEDGE

Detailed explanation-1: -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.). It is calculated as the ratio of the quantity of output produced to some measure of the quantity of inputs used. Many factors can affect productivity growth.

Detailed explanation-2: -Productivity, in economics, measures output per unit of input, such as labor, capital, or any other resource. It is often calculated for the economy as a ratio of gross domestic product (GDP) to hours worked.

Detailed explanation-3: -Productivity Measures There are two prominent measures of economic productivity: labor productivity (also known as output per hour) and multifactor productivity (also known as total factor productivity), both of which are produced by the Bureau of Labor Statistics (BLS).

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: -To measure labor productivity we prefer to compare the number of hours worked to the output produced during that time. Some countries, including the United States, collect data on hours worked, making it possible to measure output per hour worked.