Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Business Economics Expert

Why is productivity related to the standard of living? In your answer be sure to explain what productivity and standard of living mean. Make a list of things that determine labor productivity.

Productivity is a quantity of goods and services produced from each unit of labor input in the country or the amount of output per unit of input.In other word productivity is a the level of productivity in a country, industry, or enterprise is determined by a number of factors. These include the available supplies of labour, land, raw materials, capital facilities, and mechanical aids of various kinds.It also included the education and skills of the labour force,the level of technology, methods of organizing production, the energy and enterprise of managers and workers,and a range of social, psychological, and cultural factors that underline and condition economic attitudes and behavior.

Standard of living mean a grade or level of subsistence and comfort in everyday life enjoyed by a community, class, or individual.

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M9273643

Have any Question?


Related Questions in Business Economics

How technology government regulations international

How technology, government regulations, international factors, expectations about the future, and the macroeconomy play a role in managerial decision-making? Carefully explain each by giving example.

What are the typical types of risk faced by a firm explain

What are the typical types of risk faced by a firm? Explain each type of risk in details.

Fiona told her friend that she is very fortunate as the

Fiona told her friend that she is very fortunate as the slow-down in the economy has not decreased sales in her grocery store by much compared to sales of new cars in his car dealership. Explain what Fiona meant using th ...

The ages of commercial aircraft are normally distributed

The ages of commercial aircraft are normally distributed with a mean of 13.5 years and a standard deviation of 8.3821 years. What percentage of individual aircraft have ages between 10 years and 16 years? Assume thata ra ...

In an inquiry into the nature and causes of the wealth of

In an inquiry into the nature and causes of the wealth of nations, Adam Smith listed three reasons for productivity to increase with specialization. What are these three reasons?

The mean length of 12 newly hatched iguanas is 700 inches

The mean length of 12 newly hatched iguanas is 7.00 inches with a standard deviation of 0.75 inches. Construct and interpret a 90 % confidence interval for the mean length of all newly hatched iguanas. Assume that the le ...

Explain how financial leverage at investment banks differed

Explain how financial leverage at investment banks differed from financial leverage at more traditional commercial banks. What is the benefits of this leverage? What are the primary risks associated with financial levera ...

Suppose the annualized yield on a one-year security today

Suppose the annualized yield on a one-year security today is 0.01. The markets expect the annualized yield on a one-year security to be 0.02 one year from today, 0.03 two years from today, and 0.04 three years from today ...

The poverty line for a family of 4 in 2011 was around 23k

The poverty line for a family of 4 in 2011 was around 23K. Do you think this is a fair assessment of the poverty line, and Can a family live on 23K without help?

A restaurant offers a 12 dinner special that has 7 choices

A restaurant offers a? $12 dinner special that has 7 choices for an? appetizer, 13 choices for an? entrée, and 4 choices for a dessert. How many different meals are available when you select an? appetizer, an? entrée, an ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As