ECON 248 7.2 Productivity: Its Role And Determinants

The quantity of goods and services that a worker can produce for each hour of work.

Productivity

The stock of physical resources and structures which are used to produce goods/services.

Physical Capital

Input into the production process that in the past was an output from the production process.

Produced Factor Of Production

A determinant of productivity which is the skills people learn through education and experience.

Human Capital

A determinant of productivity which is the inputs into production which are provided by the environment.

Natural Resources

Natural Resources can either be () or ().

Renewable, Nonrenewable

A determinant of productivity which is understanding the best ways to produce goods and services.

Technological Knowledge