MOB Productivity Flashcards
1
Q
What is Productivity?
A
Productivity refers to the amount of output produced with the given amount of inputs
Formula: total output/total inputs
2
Q
Why is productivity important?
A
- Economies of Scale
- Workers benefit from incentives
- Assess how well the firm is using its inputs
3
Q
How to improve productivity?
A
- Increased training
- Good working environment
- Increased technology
4
Q
What is Production?
A
Production refers to the amount of output a firm produces
