Are there other ways in which we can measure productivity besides the amount produced per hour of work?
GDP/ worker, GDP/ hour, etc.
Productivity is how efficiently can output be produced in an economy by the workers or labor.
Higher productivity gives higher economic growth.
Productivity helps in calculating the economic growth rate of an economy as the output produced gives a result that shows how efficiently the use of scarce resources is being done by the economic unit/ economy as a whole.
When the resources are used efficiently it provides high productivity due to which an increase in economic growth occurs.
For measuring the productivity of an economy methods used are Gross Domestic Product (GDP) per hour or Gross Domestic Product (GDP) per worker other than the amount produced per hour of work.
Change in labor productivity is one of the most-watched international statistics of growth. Visit the St. Louis Federal Reserve website and find the data section (http://research.stlouisfed.org). Find international comparisons of labor productivity, listed under the FRED Economic database (Growth Rate of Total Labor Productivity), and compare two countries in the recent past. State what you think the reasons for differences in labor productivity could be.
Would the following events usually lead to capital deepening? Why or why not?
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