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
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View this answerLabor productivity positively affects the standard of living. In other words, the higher labor productivity, the higher will be the standard of...
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Chapter 1 / Lesson 6Production, 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.