ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Productivity
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Investment expenditure
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Geographical mobility
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Factor endowment
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Detailed explanation-1: -Output. Output refers to a quantity of goods and services produced in a given time period.
Detailed explanation-2: -Productivity is commonly defined as a ratio between the output volume and the volume of inputs. In other words, it measures how efficiently production inputs, such as labour and capital, are being used in an economy to produce a given level of output.
Detailed explanation-3: -GDP measures the monetary value of final goods and services-that is, those that are bought by the final user-produced in a country in a given period of time (say a quarter or a year). It counts all of the output generated within the borders of a country.
Detailed explanation-4: -To measure labor productivity we prefer to compare the number of hours worked to the output produced during that time. Some countries, including the United States, collect data on hours worked, making it possible to measure output per hour worked.
Detailed explanation-5: -Labor Productivity. Labor productivity is the measure of how much financial yield a company has been able to generate for every work hour. Capital Productivity. Capital productivity is used to determine the efficiency of fixed assets. Material Productivity. 23-Feb-2023