How is productivity related to the unemployment rate?
Question:
How is productivity related to the unemployment rate?
Labor productivity:
Labor productivity is the measure of hourly output produced by a worker in a countries economy. Labor productivity growth occurs when workers produce more goods and services for a given number of worked hours. As a result, if it is increased, it leads to high profit and more chances for investment in a firm.
Answer and Explanation: 1
Become a Study.com member to unlock this answer! Create your account
View this answerWages offered by a firm to the employee directly relates to their productivity. Unemployment shows unused potentially productive human resources. When...
See full answer below.
Learn more about this topic:
from
Chapter 17 / Lesson 16Learn about labor productivity. Understand how to calculate labor productivity, examine the labor productivity formulas, and see how to improve labor productivity.