1. Productivity refers to the relationship between the output generated by a production or service system and the input provided to create such output. Hence, productivity refers to the efficient use of resources, such as land, labor, capital and machinery in the efficient production of various goods . Higher productivity accomplishes more with the same amount of resources. Time is a good denominator of productivity as it is a universal measurement and beyond human control. The less time taken to achieve the desired result, the more is the productivity. Productivity enables to compare production at different levels of the economic Continue reading...