Labor Productivity

Labor productivity refers to the amount of goods and services produced by a worker in a specific timeframe, typically measured per hour worked. Higher labor productivity means that workers can produce more output in the same amount of time, which generally leads to increased economic growth and higher wages. It can be influenced by various factors, such as technology, skills, and equipment. Overall, improving labor productivity is essential for businesses and economies to thrive, as it contributes to efficiency, profitability, and overall standards of living.