Productivity refers to the measure of efficiency in the production of goods and services, typically expressed as the ratio of outputs to inputs in a given period. It assesses how effectively resources such as labor, capital, and materials are utilized to generate economic value. Higher productivity indicates that more output is obtained from the same input level, often leading to increased profitability and economic growth. Productivity can be affected by various factors, including technology, workforce skill levels, organizational processes, and resource availability. It is a crucial concept in economics and business as it directly influences competitiveness and living standards.