Lesson 68 - unit 14 Flashcards
How is productivity per hour of labor by an individual worker expressed?
output/hours worked.
How is productivity for the economy as a whole expressed?
GDP/aggregate hours
How does technology affect productivity?
It allows you to get more output for the input you put in.
How do education and training effect productivity?
It allows greater productivity from technology and to be able to adapt to new work situtations.
How does the size of the work force affect productivity?
More people can get more things done.
What has been one major factor in the growth of the American workforce?
Immigration.
How does the amount of hours worked affect productivity?
You can get more done the more time you have.
How does investment help productivity?
You can invest in training, equipment, and new technology, which all increase productivity.
How is management a factor in productivity?
- Owners have to get investors
- they have to make sure their employees are trained
- Managers have to encourage and motivate employees
- Owners have to invest in new technology and capital goods
How can government encourage and enable economic growth?
- Keep tax, debt, and inflation rates low to encourage investment
- Eliminate corruption that discourages hard work and entrepreneurship
- Encourage education
- Increase international trade
- Staying out of the way as much as possible
- encourage job training, research, and development
