The ____ of an economy is the value of all goods and services produced there, divided by the total labor time devoted to the economy's productive activities.

Question

Quizplus · Accepted Answer

Productivity is the measure of efficiency in which an economy can convert inputs into outputs. It is calculated by dividing the total output of goods and services produced by the total input of labor hours. The result of this calculation is an indicator of the economy's overall efficiency and provides insight into the health and potential growth of the economy.

The ____ of an Economy Is the Value of All