Productivity

Question 1

What is productivity?

Answer 1

How efficiently resources are being used to generate products and services.

Question 2

Name seven strategies to improve productivity.

Answer 2

1. Improving the motivation and morale of workers.
2. Involving employees in decision-making about the production process.
3. Making more economical use of all resources (recycling, reusing, and reducing).
4. Improving the level of skill and expertise of all workers so that they can do their jobs more efficiently.
5. Improving the method of production.
6. Using incentives to reward employees who make significant contributions to the business.
7. Making use of leadership and management skills to monitor and control the actions of employees.

(SMIRLMD)

Question 3

What happens when productivity is increased?

Answer 3

More goods and services are produced. The entrepreneurs make more profit. The increase contributes to the economic growth of the country. If all productivity increased in all the businesses of the country, there would be a large increase in the economic growth of the country.