ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the interaction of buyers and sellers
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the relationship of inputs and outputs
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producing at high opportunity costs
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trading based on absolute advantage
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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: -Which of the following best describes the relationship between productivity and economic growth? . An increase in productivity results in economic growth because a larger number of goods and services are produced by a given labor force.
Detailed explanation-3: -Productivity, in economics, measures output per unit of input. When productivity fails to grow significantly, it limits potential gains in wages, corporate profits, and living standards. The calculation for productivity is output by a company divided by the units used to generate that output.
Detailed explanation-4: -The central or fundamental questions of economics are: what to produce, how to produce, and for whom to produce. So, the effect of any addition or subtraction on the on-going situation is not a fundamental question.