Briefly Explain the Term Labor Productivity and How Countries Have

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The Answer is Labor productivity is a measure of economic performance that compares the amount of goods and services produced (output) with the number of labor hours used in producing those goods and services. Labor productivity is defined mathematically as real output per labor hour, and growth in labor productivity occurs when output increases faster than labor hours. Most countries have been able to produce more goods and services over time-not through a proportional increase in labor but rather by making production more efficient. These gains in productivity have led to increases in the GDP-based standard of living because the average hour of labor produced more goods and services.

Briefly Explain the Term Labor Productivity and How Countries Have

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Correct Answer:
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Briefly Explain the Term Labor Productivity and How Countries Have

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Correct Answer:VerifiedShow Answer

Correct Answer:
Verified