THE ECONOMICS OF PROFITABILITY

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3. There are other concepts related to productivity: efficiency and effectiveness. Efficiency is related to the habit of devising an orderly, method of systematic approach to attaining a particular goal or set of goals, On the other hand, effectiveness connotes the actual accomplishment of the goals, the actual producing of the desired results..

5. The specific productivity of a factor can be expressed in physical, monetary of a combination of physical and monetary units. In measuring the specific productivity of factors of an agricultural farm, for instance, the total output can be expressed in physical or monetary units—total cavans of palay harvested or the total monetary value of the harvest as output. For the specific productivity of land, we can express the input as the total number of hectares used..

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