Productivity
Definition
Output per unit of input — usually output per worker-hour. The single biggest driver of long-run living standards.
Example
If a worker produces 20 units in 5 hours, productivity is 4 units/hour.
Output per unit of input — usually output per worker-hour. The single biggest driver of long-run living standards.
If a worker produces 20 units in 5 hours, productivity is 4 units/hour.