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Productivity is the efficiency with which firms, organisations, industry, and the economy as a whole, convert inputs (labour, capital, and raw materials) into output. Productivity grows when output grows faster than inputs, which makes the existing inputs more productively efficient.
reference: https://www.pc.gov.au/news-media/pc-news/previous-editions/pc-news-may-2015/productivity-and-how-measured
reference: https://www.pc.gov.au/news-media/pc-news/previous-editions/pc-news-may-2015/productivity-and-how-measured
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