Define and describe productivity

Answer 1

Productivity refers to the relationship between the goods and services that an
economy produces and the resources needed to produce them. The amount of
output—goods and services—divided by the amount of input equals productivity.
The goal, of course, is to produce more goods and services, using fewer hours and
other inputs. A high level of productivity typically correlates with healthy GDP
growth, while low productivity tends to correlate with a more stagnant economy.
Over the past couple of decades, the United States has experienced strong
productivity growth, due largely to infusions of technology that help workers
produce more output, more quickly. But keep in mind that that productivity doesn't
measure quality. That's why it's so important to examine multiple measures of
economic health rather than relying on simply one or two dimensions.