production and productivity

Question 1

what is meant by the term production

Answer 1

the term “production” refers to the process of creating goods and services. It involves combining inputs like labor, capital, and resources to produce output for consumption or sale.

Question 2

what is meant by the term productivity

Answer 2

Productivity refers to the measure of how efficiently resources are utilized to produce goods or services. It is often measured as the output per unit of input, such as the amount of goods produced per hour of labor

Question 3

what is meant by productivity

Answer 3

Productivity is all about how efficiently we use our resources to produce goods and services. It’s like getting the most bang for your buck!