The explanations of psparky and the the-emi-guy remarks are corrects, of course. I should add a remark about losses. [I am sure for psparky and the the-emi-guy nothing here it is new!]
For single-phase [or two-phase] induction motor the product I*V [where I it is the current the motor draws from supply source, and V it is the voltage measured at motor terminals] is not the actual power required from the supply system but an "apparent" power. [In D.C. system it is the actual, indeed].
In A.C. system the actual power- which the motor requires from the supplier is of course I*V*cos(I,V) [cos(I,V)=power factor p.f.]. By-the-way, in three phases system the apparent power is S=sqrt(3)*I*VL-L [VL-L= line-to-line voltage]- or S=3*I*VL-N [VL-N=line-to-neutral].
But still is not the actual power delivered by the motor at its shaft, since there are a lot of losses as in the stator winding, the magnetic circuit, the rotor winding [or squirrel cage], the mechanical losses-ventilation, bearings’ friction. The efficiency is the ratio of the “clean” delivered power and the required power["active"] from the electricity supply source.
A word about harmonics also. Usually formulae are referring to the first harmonics [fundamental].
However-and in our era more and more-due to use of inverter controlled driving the current and voltage reaches the motor terminals is full of harmonics which may reduce the power factor and rise the losses. There was an attempt to introduce another value VADistortiont[abandoned]. Briefly, there is S-apparent power [unit VA],P-active power [unit watt], Q -reactive power [unit VAR]
See:
http://www.lsczar.info/doc/31 What is Wrong.pdf
See Total Harmonic Distortion Voltage[THDv] also.
In complex numbers S=V*I* where I* is conjugate current .See [for instance]:
http://www.electrical4u.com/complex-power-active-reactive-and-apparent-power/