BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Productivity increases have enabled the U.S. business sector to produce nine times more goods and services since 1947 with a relatively small increase in hours worked. With growth in productivity, an economy is able to produce-and consume-increasingly more goods and services for the same amount of work.

Detailed explanation-2: -Broadly speaking, there are two main sources of economic growth: growth in the size of the workforce and growth in the productivity (output per hour worked) of that workforce. Either can increase the overall size of the economy but only strong productivity growth can increase per capita GDP and income.

Detailed explanation-3: -Economists define four factors of production: land, labor, capital and entrepreneurship. These can be considered the building blocks of an economy. How these factors are combined determines the success or failure of the outcome.

Detailed explanation-4: -With growth in labor productivity, an economy is able to produce increasingly more goods and services for the same amount of work. And, because of this additional production, it is possible for a greater quantity of goods and services to ultimately be consumed for a given amount of work.