Production And Productivity

Question 1

Define productivity

Answer 1

measures how muchoutputis produced by afactor of production in a given period of time.

Question 2

Define labour productivity

Answer 2

measure how much output is produced by labour in a given period of time

Question 3

What does production do?

Answer 3

Production converts inputs, or the services of factors of production such as capital and labour, into final output.

Question 4

What does being more productive mean

Answer 4

means the same input, such as the number of workers, produces more output, over the same period of time.

Question 5

What does being less productive mean

Answer 5

You require a larger input to produce the same quantity of output.