MOB Productivity

Question 1

What is Productivity?

Answer 1

Productivity refers to the amount of output produced with the given amount of inputs
Formula: total output/total inputs

Question 2

Why is productivity important?

Answer 2

1. Economies of Scale
2. Workers benefit from incentives
3. Assess how well the firm is using its inputs

Question 3

How to improve productivity?

Answer 3

1. Increased training
2. Good working environment
3. Increased technology

Question 4

What is Production?

Answer 4

Production refers to the amount of output a firm produces