Productivity is the ability to produce output from a given set of inputs ≈ measure efficiency and effectiveness in the optimal use of resources (such as employees, technology, systems and management etc.) and convert inputs into useful outputs.
Increased productivity will have an impact on improving living standards.
Benefits of PLWS
| Increased Rewards Profits from increased productivity are shared by employees in the form of increases in wages and salaries as a reward as well as to sustain their efforts. |
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| Lower Prices of Goods and Services Increased productivity will reduce production costs per unit allowing lower prices to be offered to consumers. |
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| Developments in Capital Formation With the development of capital and income, producers can offer more goods and services in the market and create more jobs. |
Different Views on PLWS
