- noun the rate at which something is produced
- noun the rate of output per worker or per machine in a factory
- (written as Productivity)This refers to the output of goods and services produced by one or more factors of production. Total factor productivity is the rate of output divided by the amount of all inputs used in production where each input is usually weighted by its share in total cost. The rate of growth of total factor productivity is sometimes also referred to as the residual after the contributions of capital and labour to the growth of gross domestic product have been accounted for. The impact of better health on productivity is difficult to measure with precision but nearly everyone agrees that it is positive and marked (though high income also gives rise to better health).