Define the term Productivity. Explain the factors influencing on Productivity.
Answers
The desire of every organization is to achieve her set goals and objectives; productivity plays a significant role in how an organization strives to achieve this desire. Productivity is the measure of the efficiency of a person, machine, factory and system in converting inputs into the desired outputs. Productivity is an important parameter in the production performance of a workplace, the growth in productivity of an organization helps in boosting the profitability of that organization.
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The difference between the two outcomes is productivity. And economist defines productivity as the amount of output that is produced from a given amount of labor input. ... So the higher the capital labor ratio, the higher the ratio of output per worker. A second factor influencing productivity is natural resources