Elucidate why is productivity related to the standard

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Why is productivity related to the standard of living? In your answer be sure to explain what productivity and standard of living mean. Make a list of things that determine labor productivity.

Productivity is a quantity of goods and services produced from each unit of labor input in the country or the amount of output per unit of input.In other word productivity is a the level of productivity in a country, industry, or enterprise is determined by a number of factors. These include the available supplies of labour, land, raw materials, capital facilities, and mechanical aids of various kinds.It also included the education and skills of the labour force,the level of technology, methods of organizing production, the energy and enterprise of managers and workers,and a range of social, psychological, and cultural factors that underline and condition economic attitudes and behavior.

Standard of living mean a grade or level of subsistence and comfort in everyday life enjoyed by a community, class, or individual.

Reference no: EM1353328

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