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Macro Economics

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Explain carefully the meaning and importance of the term “productivity”

  • Macro Economics -

    http://www.investorwords.com/3876/productivity.html

    http://en.wikipedia.org/wiki/Productivity

  • Macro Economics -

    Definition: It is measure of the efficiency of a person, machine, factory, or a system, in converting inputs into useful outputs.it is is computed by dividing average output per period by the total costs incurred or resources (capital, energy, material, personnel) consumed in that period.
    Importance:Productivity is a critical determinant of cost efficiency

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