PRODUCTIVITY AND COSTS
\pɹˌɒdəktˈɪvɪti and kˈɒsts], \pɹˌɒdəktˈɪvɪti and kˈɒsts], \p_ɹ_ˌɒ_d_ə_k_t_ˈɪ_v_ɪ_t_i_ a_n_d k_ˈɒ_s_t_s]\
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A macroeconomic tool used to measure the rate of inflation over a certain period of time, normally in decades. Productivity refers to the capacity to produce and cost refers to the economic concept of opportunity cost and accounting cost involved in production of a good.
By Henry Campbell Black
