Productivity

Definition

Productivity. An economic indicator representing a ratio of a volume measure of output to a volume measure of input use

The primary objectives of productivity measurement include: (a) tracing technology change, i.e., the currently known ways of converting resources into outputs desired by the economy, (b) identifying changes in efficiency, (c) understanding real cost savings, (d) benchmarking production processes, and (e) assessing standards of living. Productivity measures may also be single factor or multifactor.

See Also

• http://stats.oecd.org/glossary/detail.asp?ID=2167
• http://www.oecd.org/std/productivity-stats/2352458.pdf

Disclaimer

This entry annotates a FIBO Ontology Class. FIBO is a trademark and the FIBO Ontology is copyright of the EDM Council, released under the MIT Open Source License. There is no guarantee that the content of this page will remain aligned with, or correctly interprets, the concepts covered by the FIBO ontology.