Production and Productivity

Question 1

What is production

Answer 1

converting inputs into a final output to satisfy consumer needs and wanrs

Question 2

What is productivity

Answer 2

level of efficiency during production
OR
output per input per period of time (input usually workers)

Question 3

What does it mean to be more productive

Answer 3

generating more output over same period of time with same number of workers

Question 4

What is the productivity calculation

Answer 4

output/ number of workers

Question 5

What influences productivity

Answer 5

more advanced machinery
better training of workers
improved morale and motivation of workers
more competitive markets

Question 6

What are the benefits of increased productivity

Answer 6

increased output

lower costs

lower prices for consumers

higher wages for workers