Question

How should productivity measured? Should all organizations/industries measure productivity the same way? Why or why not?

Answer 1

Answer:

Productivity growth is frequently lauded by the business community, media commentators and politicians as the solution to improving living standards, yet there is little agreement on what productivity actually is.

To economists, productivity is the efficiency with which firms, organisations, industry, and the economy as a whole, convert inputs (labour, capital, and raw materials) into output. Productivity grows when output grows faster than inputs, which makes the existing inputs more productively efficient. Productivity does not reflect how much we value the outputs — it only measures how efficiently we use our resources to produce them.

Answer 2

Answer:

Productivity growth is frequently lauded by the business community, media commentators and politicians as the solution to improving living standards, yet there is little agreement on what productivity actually is.

To economists, productivity is the efficiency with which firms, organisations, industry, and the economy as a whole, convert inputs (labour, capital, and raw materials) into output. Productivity grows when output grows faster than inputs, which makes the existing inputs more productively efficient. Productivity does not reflect how much we value the outputs — it only measures how efficiently we use our resources to produce them.

Explanation:

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