What is defined as output per factor of production per period of time?

The term that refers to output per factor of production per period of time is productivity. This concept is crucial in economics as it measures the efficiency of production processes, indicating how much output is generated with a certain amount of input. Increasing productivity typically means that an economy or a business can produce more goods or services without necessarily increasing the number of inputs used. This can result from various factors, such as improvements in technology, better training for workers, or more efficient use of resources.

While efficiency is related to the optimal use of resources, it does not specifically quantify the output per input over a period. Profitability refers to the financial gain obtained from business activities, not directly related to output per input. Effectiveness, on the other hand, measures the achievement of goals or objectives but does not focus on the quantity of output in relation to input decisions. Thus, productivity is the term that best captures the relationship between output and the factors of production used within a specific timeframe.