Productivity Category
Productivity measures the efficiency of output relative to input in various tasks and industries. It is a critical indicator for economic growth, reflecting how effectively resources such as labor, capital, and technology are utilized. High productivity leads to increased output, reduced costs, and competitive advantage in the market. Companies implement strategies like automation, process optimization, and employee training to enhance productivity levels.
Sunk Cost Bias vs. Opportunity Cost Thinking: Maximizing Productivity through Better Decision-Making