production and productivity (4.1.1)

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  • Created by: lee42
  • Created on: 03-06-19 11:40
What is productivity?
It is the output for a given input
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What is the input?
It refers to one of the factors of production
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What does productivty measure?
It measures the efficency of firms and economies
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What is the equation for labour productivity?
output in a given time period/total number of workers/total hours worked
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How can labour productivity increase?
More education and training and installing better technology
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Other cards in this set

Card 2

Front

What is the input?

Back

It refers to one of the factors of production

Card 3

Front

What does productivty measure?

Back

Preview of the front of card 3

Card 4

Front

What is the equation for labour productivity?

Back

Preview of the front of card 4

Card 5

Front

How can labour productivity increase?

Back

Preview of the front of card 5

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