Production of any commodity or service is the volume of output irrespective of the quantity and quality of resources employed to achieve the level of output. Once we put an element of efficiency with which resources are used we enter the area of productivity. Thus production may improve without the corresponding improvement in the productivity and vice-versa. If the input remains the same and the production output increases, there is an improvement in productivity. Production therefore means the output in terms of money whereas productivity is the efficiency of the system used production.

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