ECONOMICS
PRODUCTIVITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The ability to produce more output, per worker, per hour
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The ability to stay awake longer than anyone else
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A byproduct of excessive coffee
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Making more money with less resources
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Detailed explanation-1: -Productivity increases when more output is produced with the same amount of inputs or when the same amount of output is produced with less inputs. There are two widely used productivity concepts. Labour productivity is defined as output per worker or per hour worked.
Detailed explanation-2: -Labor productivity, or output per hour, is calculated by dividing an index of real output by an index of hours worked of all persons, including employees, proprietors, and unpaid family workers.
Detailed explanation-3: -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.
Detailed explanation-4: -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-5: -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.