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Productivity and business

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Producing more value with available people, tools, and resources.

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Principles

  • Lasting improvements in material living standards require producing more value from available resources.
  • Measure useful output relative to inputs, including quality and costs shifted outside the business.

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Check your understanding

What is an improvement in productivity?
More spending regardless of output.
More useful value from the resources used, accounting for quality.
A larger workforce with no comparison of output and inputs.

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