🏭 Productivity is a measure of economic performance that indicates how efficiently inputs are converted into output.
⏱️ By rearranging her production process and developing skills, Beth increased her productivity by making two birdhouses each hour instead of one.
📈 Growth in productivity is measured by dividing the change in output by the change in inputs.
📈 Productivity is the measure of output over time by the change in inputs over time.
⏰ Increasing productivity means achieving the same output with fewer inputs, resulting in more free time.
💼 Improvement in overall productivity benefits both workers and businesses, leading to higher wages and profits.