Productivity

Productivity is the rate at which goods, services, or other outputs are produced relative to the inputs used. It can be measured for workers, firms, industries, or whole economies.

Labor productivity: Output produced per unit of labor, commonly measured per worker or per hour worked. It isolates labor input to track how much output workers produce over time.
Economic growth: An increase over time in the production of goods and services in an economy. Productivity growth is a major source of sustained increases in economic output.
Profitability: The extent to which a business earns revenue exceeding its costs. A firm can become more productive without becoming more profitable if prices or costs change.
Real wages: Wages adjusted for changes in the prices of goods and services. When productivity gains are shared with workers, they can support higher wages after inflation.
Total factor productivity: The portion of output growth not explained by measured increases in labor and capital inputs. It captures changes in efficiency and technology beyond the measured growth of inputs.
Unit labor cost: The labor cost required to produce one unit of output. It combines labor compensation and productivity to indicate cost pressures.
Efficiency: The use of resources to achieve a desired result with minimal waste. Efficiency concerns how well inputs are used, while productivity measures output relative to inputs.
Technological unemployment: Job loss caused when technology replaces tasks previously performed by workers. Productivity-enhancing automation can displace workers even as it increases output.
Production function: A mathematical relationship describing how inputs such as labor and capital generate output. It formalizes how changes in inputs and production methods affect output.
Purchasing power: The quantity of goods and services that a unit of money can buy. Productivity gains can support higher real incomes and greater purchasing power.

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