ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -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-3: -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-4: -Productivity, in economics, measures output per unit of input, such as labor, capital, or any other resource. It is often calculated for the economy as a ratio of gross domestic product (GDP) to hours worked.

Detailed explanation-5: -Labour productivity represents the total volume of output (measured in terms of Gross Domestic Product, GDP) produced per unit of labour (measured in terms of the number of employed persons or hours worked) during a given time reference period.