ECONOMICS

Detailed explanation-1: -Labor productivity is largely driven by investment in capital, technological progress, and human capital development. Business and government can increase labor productivity of workers by direct investing in or creating incentives for increases in technology and human or physical capital.

Detailed explanation-2: -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.

Detailed explanation-3: -Investment is widely recognized as essential to improving labour productivity. Investment in physical capital, and specifically machinery and equipment (M&E), is associated with the adoption and diffusion of the latest technologies-key to growth in labour productivity.

Detailed explanation-4: -Scientific management is a theory of management that analyzes and synthesizes workflows. Its main objective is improving economic efficiency, especially labor productivity.