Asked by
Nathan Irwin
on Nov 17, 2024
Verified
Productivity is defined as the quantity of goods and services produced from each unit of labor input.
Labor Input
The amount of work and effort provided by workers for the production of goods and services in an economy.
Productivity
The measure of the efficiency of production, often quantified as the ratio of output to inputs in the production process.
- Understand the concept of productivity and how it's measured in economic terms.
Verified Answer
CM
Learning Objectives
- Understand the concept of productivity and how it's measured in economic terms.