Define Productivity and Explain Its Importance to a Small Business

question 20

Essay

Define productivity and explain its importance to a small business owner. Describe two ways productivity can be improved.

---

Definitions:

Past Consideration

Something given or some act done in the past, which cannot ordinarily be consideration for a later bargain.

Consideration

In contract law, it is something of value exchanged between parties as part of an agreement, serving as the reason or inducement to enter into the contract.

Legally Sufficient

A term indicating that an act, document, or process meets all necessary legal requirements and standards.

Legally Sufficient

A term indicating that an element of a contract or transaction meets the necessary legal standards to be upheld in court.