ECONOMICS
PRODUCTIVITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Yes, I understand this from the notes
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No, I don’t understand this from the notes
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No, I don’t understand this, as I have not read the notes
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None of the above
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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).
Detailed explanation-2: -How to Calculate Labor Productivity. To calculate a country’s labor productivity, you would divide the total output by the total number of labor hours. For example, suppose the real GDP of an economy is $10 trillion and the aggregate hours of labor in the country is 300 billion.
Detailed explanation-3: -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-4: -You can measure employee productivity with the labor productivity equation: total output / total input. Let’s say your company generated $80, 000 worth of goods or services (output) utilizing 1, 500 labor hours (input). To calculate your company’s labor productivity, you would divide 80, 000 by 1, 500, which equals 53.