There has been an increased concern with efficiency and productivity in the different productive chains following the freeing of markets and globalization of economy. Hence the terms efficiency and productivity have been largely used by politicians, enterpreneurs and professionals from different economic segments. However, a confusion in the usage of these terms, as well as some unacquaintedness with techniques to measure efficiency and productivity have been observed. From this perspective, this paper aims to discuss these concepts and measurement techniques. Its expected outcome is a contribution towards a better understanding and usage of the terms efficiency and productivity, as applied to distinct production segments, bringing about the companies’ awareness of the importance of this measurement, as economic theory precognizes.