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Q. 3

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Principles of Economics
Found in: Page 495

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Short Answer

Are there other ways in which we can measure productivity besides the amount produced per hour of work?

GDP/ worker, GDP/ hour, etc.

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Step by Step Solution

Step1. Introduction

Productivity is how efficiently can output be produced in an economy by the workers or labor.

Higher productivity gives higher economic growth.

Step2. Explanation

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.

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