It is the productivity which determines how much labor and capital is requires in a business. Productivity is measured by considering to total amount produced per employee. When we say that there has been an increase in output per labor hour, we do not necessarily mean that increase was caused by labor. The increase in productivity may be the result of the use of improved equipments, skilled workers, better manage or other factors.
For increasing our standard of living we must realize the importance of level of productivity and we must produce more efficiently.
For increasing our standard of living we must realize the importance of level of productivity and we must produce more efficiently.
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