4.1 Production and Productivity

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4 Terms

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What is production in economics?

Production is the process of converting inputs, such as labour and capital, into goods and services 

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What is productivity?

Productivity measures the efficiency of production, typically as output per unit of input

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What is Labour Productivity

Labour productivity refers to the output produced per worker

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Factors that affect Productivity

Technology

Job training

Work environment

Motivation