Copyright

How do changes in labor productivity affect the U.S. standard of living?

Question:

How do changes in labor productivity affect the U.S. standard of living?

Productivity:

The word 'productivity' arises from the word 'production.' It simply means how efficiently one can produce something. In other words, productivity defines the production activity, which is characterized by the minimum use of resources with minimum cost.

Answer and Explanation: 1

Become a Study.com member to unlock this answer!

View this answer

Labor productivity positively affects the standard of living. In other words, the higher labor productivity, the higher will be the standard of...

See full answer below.


Learn more about this topic:

Loading...
Production, Productivity & Competitiveness

from

Chapter 1 / Lesson 6
15K

Production, productivity, and competitiveness are essential factors to successful business. Learn about production, types of productivity, creating enhanced productivity, and the relationship between competitiveness and productivity.


Related to this Question

Explore our homework questions and answers library