TeachMeFinance.com - explain Productivity
productivity -- Average real output per unit of input. Labor productivity is average
real output per hour of labor. The growth of labor productivity is defined as the growth of real output
that is not explained by the growth of labor input alone. Total factor productivity is average
real output per unit of combined labor and capital inputs. The growth of total factor productivity is
defined as the growth of real output that is not explained by the growth of labor and capital. Labor
productivity and total factor productivity differ in that increases in capital per worker raise labor
productivity but not total factor productivity.
Productivity -- The ratio of output (goods and services) produced per unit of input (productive resources) over some period of time.
Productivity -- A measurement of the efficiency of production.
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