The most important factor in determining a nation's standard of living in the long run is the productivity of its resources." The above-mentioned statement is True.
What is productivity?
- In economics, productivity is defined as the amount of output produced per unit of input, such as labor, capital, or any other resource.
- The economy is sometimes measured as a ratio of hours worked to gross domestic product (GDP).
- To study trends in workforce growth, salary levels, and technological advancement, labor productivity can be further broken down by industry.
- Productivity increase has a direct impact on corporate earnings and shareholder returns.
- Productivity is a measure of the effectiveness of a company's production process at the corporate level.
- Productivity is calculated by comparing the number of units produced to the number of hours employees worked or by comparing the company's net sales to the number of hours employees worked.
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