ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The amount of difficulty that is involved in producing a given quantity of goods and services.
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The quantity of labor that is required to produce one unit of goods and services.
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The quantity of goods and services produced from each unit of labor input.
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The quantity of goods and services produced over a given amount of time.
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Detailed explanation-1: -Productivity is a measure of economic performance that compares the amount of goods and services produced (output) with the amount of inputs used to produce those goods and services.
Detailed explanation-2: -Labour productivity is defined as the quantity of goods and services produced per unit of labour input, for example, per hour worked, per filled job or per worker. It is one of the most widely used measures of economic performance of a nation or an area.
Detailed explanation-3: -Labour productivity is defined as output per worker or per hour worked. Factors that can affect labour productivity include workers’ skills, technological change, management practices and changes in other inputs (such as capital). Multifactor productivity (MFP) is defined as output per unit of combined inputs.
Detailed explanation-4: -Productivity refers to the amount of goods and services produced from each unit of labor input.
Detailed explanation-5: -Productivity is a measure of the rate at which output of goods and services are produced per unit of input (labour, capital, raw materials, etc.). It is calculated as the ratio of the quantity of output produced to some measure of the quantity of inputs used.