Intro to Macroeconomics - Productivity

4 important questions on Intro to Macroeconomics - Productivity

What does productivity measure?

It measures the amount of work done or goods produced per worker, per hour.

Why is productivity important for a country?

Higher productivity can lead to increased wealth for a country.

How does productivity affect living standards?

It is key to improving living standards in a society.
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How is productivity calculated?

Average Labor Productivity = Total output / number of people employed.

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