Explain carefully the meaning and importance of the term “productivity”

Answer 1

http://www.investorwords.com/3876/productivity.html

http://en.wikipedia.org/wiki/Productivity

Answer 2

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