Question

what is productivity. define benefits of productivity

Answer 1

Productivity is the set of measures taken in order to improve the production of a country. It is a way to balance the input and output of a business firm. It is the process to improves the skills of the labor. 

The benefits of productivity are: 

(i) Improvement in the productivity of the labor.

(ii) Improvement in the management of the firm/production.

(iii) Expansion of the business firm.

(iv) Increase in profitability.

(v) Increase in competitiveness 

(vi) Improvement in meeting in the demands of the market.