Answered: What is average labour productivity?…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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What is average labour productivity? Explain how average labour productivity can impact economic growth measured in terms of RGDP per capita.

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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Labor economics deals with the transactions and dealings in the labor market where the labor productivity and the production are considered to the main components. It also includes the migration of labor characteristics, their abilities, skills, and employment-unemployment status as well.

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