INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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working on products
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goods that are produced
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amount of goods or services workers can produce in a period of time
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None of the above
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Detailed explanation-1: -Productivity is a measure of the rate at which output of goods and services are produced per unit of input (labour, capital, raw materials, etc.). It is calculated as the ratio of the quantity of output produced to some measure of the quantity of inputs used.
Detailed explanation-2: -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-3: -The level of productivity is the ratio of output to inputs. (For labor productivity, the input is only labor, for other measures of productivity, the input is an index of combined inputs.)
Detailed explanation-4: -One of the most widely used measures of productivity is Gross Domestic Product (GDP) per hour worked. This measure captures the use of labour inputs better than just output per employee.