Productivity Vs. Production
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Last updated 8:34 PM on 9/16/23
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4 Terms
1
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Production
The process of combining resources to create goods and services that satisfy human wants and needs.
2
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Productivity
The increase of output from each unit in the production process.
3
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Ways to achieve productivity
Training workers, introduction of machinery, introduction of equipment in the production process.
4
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Importance of Productivity
It increases output and results in lower cost per unit of output, leading to higher levels of profit for a business.
