Unformatted text preview: workers in order to permit greater efficiency and greater production • Marginal product (MP) is the addition to total output as a result of adding one more unit of a productive resource • Productivity refers to the amount of output produced by a unit of a certain resource during a specified period of time. • Productivity Factors: o The structure of the economy o Economic conditions o Government policies o Scale of business operations o Management techniques o Quantity and quality of capital o Labour force • Multifactor productivity measures indicates the level of productivity in an industry by taking into consideration all relevant resources, not only labour resources...
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This note was uploaded on 02/05/2011 for the course ECON 011 taught by Professor Yezer during the Fall '07 term at GWU.
- Fall '07