What determines how productive workers are? How do gains in labor productivity lead to gains in
Labor productivity is an important economic indicator that is closely related to an economy's economic growth, competitiveness, and living standards. Labour productivity is defined as the total volume of output measured in terms of GDP produced per unit of labour measured in terms of the number of employed people over a given time period. Labor productivity, also known as workforce productivity, is defined as the amount of money earned per hour worked. Labor productivity is defined as the value of goods and services produced in a given time period divided by the number of hours of labour required to produce them.
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