Productivity levels are also important for industries and companies. For companies, a higher productivity relative to their competitors gives them a competitive advantage in the marketplace. With a higher productivity, they can afford to undercut competitors’ prices to gain market share, or charge the same prices but realized greater profits? For an industry, higher relative productivity means it is less likely to be supplanted by foreign industry.
Why is high productivity important for a nation?
Why do you suppose that service jobs have lower productivity than manufacturing jobs?
How can a company gain a competitive advantage by having higher productivity than its competitors have?
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