Productivity refers to the effectiveness and efficiency with which resources, such as labor and capital, are utilized to produce goods and services. It measures how much output is generated from a given set of inputs over a specific period. High productivity indicates that more output is being achieved with the same or fewer inputs, leading to greater economic output and potentially higher profits for businesses. Productivity can be assessed at various levels, including individual, organizational, and national scales, and is often a key indicator of economic performance. Improvements in productivity can result from technological advancements, enhanced skills and training, better management practices, or process optimizations. Effective productivity management is crucial for maximizing resource use and driving economic growth.
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