______ is the relationship between the goods and services produced in a nation each year and workers, raw materials, and other inputs necessary to produce them.

Question

Quizplus · Accepted Answer

Productivity refers to the efficiency and effectiveness in which goods and services are produced in relation to the inputs necessary for their production. It is a measure of economic performance and can affect a nation's GDP and per capita income, as an increase in productivity can lead to an increase in the production of goods and services, and ultimately, economic growth. Prosperity is a broader concept that includes factors such as income, wealth, and well-being, which are influenced by productivity but are not the same as productivity. GDP is a measure of the total value of goods and services produced in a nation, but it does not directly measure productivity. Per capita income is a measure of the average income per person in a nation, but it does not directly measure productivity either.

______ Is the Relationship Between the Goods and Services Produced