Productivity growth is a major determinant of a country's standard of living

Question

Productivity growth is a major determinant of a country's standard of living​

Quizplus · Accepted Answer

Productivity growth refers to an increase in productivity, which means producing more output per unit of input. When productivity grows, a country can produce more goods and services per worker or per unit of capital, which can lead to higher incomes, lower prices, and a higher overall standard of living. Therefore, productivity growth is a major determinant of a country's standard of living.

Productivity Growth Is a Major Determinant of a Country's Standard