What term describes the efficiency of converting inputs into useful outputs?

The term that best describes the efficiency of converting inputs into useful outputs is productivity. Productivity is a measure of how effectively resources such as labor, capital, and raw materials are utilized to produce goods and services. It indicates the relationship between the amount of input used and the amount of output generated, aiming for a higher output with the same or fewer resources, which contributes to overall efficiency in a business operation.

Higher productivity can lead to lower costs and improved competitiveness, making it a key focus for many organizations seeking to optimize their processes and enhance profitability. In contrast, while the other terms may relate to aspects of business performance, they do not specifically address the efficiency of transforming inputs into outputs in the same way that productivity does.