unemployment and productivity Flashcards
1
Q
what does the term unemployment refer to?
A
a person who:
1) is willing to work
2) is capable of doing the job
3) cannot find a job
2
Q
define productivity?
A
the relationship between input and output.
3
Q
formula for productivity.
A
output [production of goods/services
_________________________________________
input [capital, raw materials and labour]
