Asked by Anonymous

Explain carefully the meaning and importance of the term “productivity”
Answered by Ms. Sue
http://www.investorwords.com/3876/productivity.html

http://en.wikipedia.org/wiki/Productivity
Answered by Prof. Japheth
Definition: It is measure of the efficiency of a person, machine, factory, or a system, in converting inputs into useful outputs.it is is computed by dividing average output per period by the total costs incurred or resources (capital, energy, material, personnel) consumed in that period.
Importance:Productivity is a critical determinant of cost efficiency
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