Labor Productivity

Posted in Human Resource Terms, Total Reads: 1128
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Definition: Labor Productivity

Labor Productivity is an important parameter in assessing how a country is performing in terms of its GDP.  In effect it measures the amount of goods and services produced by one hour of labor.

In other words it can be said that the measured value is real GDP produced by an hour of labor. It should be noted that labor productivity depends on three main factors:

  • Investment and saving in physical capital
  • New technology
  • Human capital

 

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