Answer: Efficiency in producing goods or services relative to the amount of resources, such as labor, capital, and materials, used to produce them. In other words, it measures how much output a company can generate per unit of input. The higher a company's productivity, the more efficiently it is using its resources to produce goods or services, which can lead to increased profitability, competitiveness, and growth.
Explanation: Efficiency in producing goods or services relative to the amount of resources, such as labor, capital, and materials, used to produce them. In other words, it measures how much output a company can generate per unit of input. The higher a company's productivity, the more efficiently it is using its resources to produce goods or services, which can lead to increased profitability, competitiveness, and growth.