Glossary

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Productivity

Economy Term

Productivity refers to the measure of how efficient and effective a business is at utilizing its resources to produce goods and services. It is an economic concept that is concerned with output levels and the use of resources to achieve maximum output. Productivity can be measured in terms of the quantity of goods produced, their quality, or the total output of services provided. In addition, it can also be measured by the degree of resource utilization, such as labor, machinery, and raw materials.

Productivity is important for businesses and industries as it directly affects their profitability, competitiveness, and economic growth. By improving productivity, companies can produce more goods and services with fewer resources, hence reducing their costs. This, in turn, makes them more competitive in the market and enables them to offer their goods and services at a lower price, which ultimately leads to increased sales and higher profits.

Improving productivity also encourages innovation and technological advancement, which leads to better products and services. Moreover, it enables firms to produce at a larger scale, which results in economies of scale, allowing them to reduce their costs even further.

In the industry, productivity is a key factor that impacts the overall growth and development of a country. Higher productivity levels lead to increased economic output, which drives economic growth and job creation. Governments and policymakers often focus on improving productivity through policies such as investment in infrastructure, education, training, and research and development, which can help businesses operate more efficiently and effectively.

In conclusion, productivity is a measure of a business*s efficiency and effectiveness in producing goods and services with the resources that it has. It plays a crucial role in the industry as it helps businesses to stay competitive and contribute to economic growth and development.

Productivity

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Paediatric Exclusivity
means, in the US, a six-month period of exclusivity to market a drug which is awarded by the FDA in return for certain paediatric clinical studies using that drug. This six-month period runs from the date of relevant patent expiry.

Health Care Term Letter: P
Paid Development Method
An actuarial method to estimate ultimate losses for a given cohort of claims such as an accident year/product line component. If the paid-to-date losses are then subtracted from the estimated ultimate losses, the result is an indication of the unpaid losses. The basic premise of the method is that cumulative paid losses for a given cohort of claims will grow in a stable, predictable pattern from y

Insurance Term Letter: P
Panelboards
Oriented strand board, particleboard, medium density fibreboard and plywood. Operating Statistics

Manufacturing Term Letter: P
Partial Remission PR
A decrease in the size of a tumor, or in the extent of cancer in the body, in response to treatment.

Health Care Term Letter: P
Particleboard
A panelboard produced by chemically bonding clean sawdust, small wood particles and recycled wood fibre under heat and pressure. Forestry & Wood Products Industry Operating Statistics

Manufacturing Term Letter: P
Particulate Matter
Total suspended particulate. A measure of the solid particles (wood, process dust and smoke) found in air emissions.

Manufacturing Term Letter: P
Particulates
Tiny particles of a substance.

Manufacturing Term Letter: P
Passenger Load Factor
Represents the total number of seats sold as a percentage of total seat capacity on all sectors flown. Airline Industry

Transportation Term Letter: P
Passenger Mile Yield
The amount of passenger revenue earned per revenue passenger mile during a reporting period Airline Industry

Transportation Term Letter: P
Passenger revenue yield per Mile Average Yield per RPM
Represents the average scheduled passenger fare revenue for each revenue passenger mile (RPM), or each mile a scheduled revenue passenger is flown. Airline Industry

Transportation Term Letter: P
Passive Immunotherapy
Immunologically active material transferred into the patient as a passive recipient. Monoclonal antibodies are considered Passive Immunotherapy since antibodies are generated outside the body and given to the patient

Health Care Term Letter: P
Patent Term Extension
means an extension of up to five years in the term of a US patent relating to a drug which compensates for delays in marketing resulting from the need to obtain FDA approval.

Health Care Term Letter: P

More in this Category

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The U.S. Census Bureau conducts the Advance Monthly Retail Trade and Food Services Survey (MARTS) to provide an early estimate of monthly sales by kind of business for retail and food service firms located in the United States. Each month, questionnaires are mailed to a probability sample of approximately 5,000 employer firms selected from the larger Monthly Retail Trade Survey (MRTS). Firms respo

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means with respect to any entity, an entity that is controlled by a other company although the other company owns less than a majority of the other entity.

Economy Term
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Persons or organizations that act as a representative for others in negotiating contracts, purchases, or sales. Agents and brokers typically earn a commission or fee for their services and do not take possession of, or title to, any goods.

Economy Term
ARPU
Average revenue per user

Economy Term
Balance of payments
Record of transactions between U.S. residents and foreign residents during a given time period. Includes transactions in goods, services, income, assets, and liabilities. It is broken down into the current accounts (international), capital accounts (international), and financial accounts (international).

Economy Term
Balance on current account
Current receipts from the rest of the world less current payments to the rest of the world, formerly called "net foreign investment." Current receipts equal exports of goods and services plus income receipts from the rest of the world; current payments are the sum of imports of goods and services, income payments to the rest of the world, and current taxes and transfer payments to the rest of the

Economy Term
Balance on goods and services
Record of the difference between exports of goods and services and imports of goods and services. In the broad sense, this balance is conceptually equal to net exports of goods and services, which is a component of gross domestic product (GDP).

Economy Term
Bonded Warehouses Manufacturing
Warehouses that are authorized by the United States Customs for storage or manufacturing of goods on which payment of duties is deferred until the goods are removed into Customs Territory. These goods are not subject to duties if reshipped to foreign points.

Economy Term
Brokers
Persons or organizations that act as a representative for others in negotiating contracts, purchases, or sales. Agents and brokers typically earn a commission or fee for their services and do not take possession of, or title to, any goods.

Economy Term
Business sector
All corporate and noncorporate private entities organized for profit and certain other entities that are treated as businesses in the national income and product accounts (NIPAs), including mutual financial institutions, private noninsured pension funds, cooperatives, nonprofit organizations that primarily serve businesses, Federal Reserve banks, federally sponsored credit agencies, and government

Economy Term
CE-marked
A compliance symbol indicating that a product meets the requirements of the European Union (EU) directives that apply to that product. CE stands for Conformit?e Europ?enne, which means European Conformity.

Economy Term
CFTC Commodity Futures Trading Commission
Commodity Futures Trading Commission, an independent agency with the mandate to regulate commodity futures and option markets in the United States.

Economy Term