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Productivity is the index that reveals the efficiency of the production process when combining at least two production factors. Productivity, in economics, measures output per unit of input, such as labor, capital or any other resource – and is typically calculated for the economy as a whole, as a ratio of gross domestic product (GDP) to hoursContinue reading “Productivity in Economics”

In this post I will write about utility in economics. Enjoy reading! 🙂 Definition Utility is a term in economics that refers to the total satisfaction received from consuming a good or service. Economic theories based on rational choice usually assume that consumers will strive to maximize their utility. Investopedia In general term utility revealsContinue reading “Utility in Economics”