Question

_____ is an economic measure of efficiency that summarizes and reflects the value of the outputs created by an individual, organization, industry, or economic system relative to the value of the inputs used to create them.

Answer 1

The correct answer is productivity.

Step-by-step explanation:

Productivity can be defined in the most basic way as the efficiency to complete a task. It shows various measures of the efficiency of production.

Productivity in economics is the ratio of output per unit of input. It can also be referred to as the measure of how efficiently a firm, individual or organization can produce a good or service relative to the inputs used to produce them.

Labor productivity, for instance, shows how efficiently labor can be used to produce a good. It is the ratio of total output produced to total labor employed.