Distinguishing between Production and Productivity
- Levels: AS
- Exam boards: AQA, Edexcel, OCR, IB, Eduqas, WJEC
This short video for Year 1 Micro explains the difference between production and productivity.
Production is a measure of the value of the output of goods and services e.g. measured by national GDP or an index of production in specific industry such as car manufacturing.
Productivity is a measure of the efficiency of factors of production, measured for example by output per person employed or output per person hour.
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Geoff Riley
Geoff Riley FRSA has been teaching Economics for nearly thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.
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