Chapter 10- Productivity

Question 1

efficiency

Answer 1

involves using scarce resources in the most economically achievable way. Costs can be minimised and best possible use can be made of both capital equipment and labour.

Question 2

productivity

Answer 2

measures efficiency in the use of resource inputs. Labour productivity is usually calculated as output per hour worked. Capital productivity can be measured by output per unit of capital.

Question 3

infrastructure

Answer 3

includes all the publicly available services such as transport, communications, facilities, basic services such as water, drains, energy supplies, telephones, bridges, ports, airports.

Question 4

human capital

Answer 4

refers to the skills, experience and knowledge acquired by individuals. Is created through education, on the job training, apprenticeships, vocational training courses and relevant experience.