• The efficiency of the production of goods or services expressed by some measure. Measurements of productivity are often expressed as a ratio of an aggregate output to a single input or an aggregate input used in a production process, i.e., output per unit of input, typically over a specific period of time. The most common example is the (aggregate) labor productivity measure, one example of which is GDP per worker. There are many different definitions of productivity (including those that are not defined as ratios of output to input) and the choice among them depends on the purpose of the productivity measurement and data availability. Productivity is a crucial factor in the production performance of firms and nations. ← Wikipedia

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