plentiful capital; advanced technology; superior health, education and training of workers; and access to abundant natural resources account for higher labor productivity in advanced economies.
The indicator of an economy's hourly output of goods and services is labour productivity. Economists monitor labour productivity in addition to unemployment, employment statistics, and the consumer price index to assess the relative health of an economy.
Any shift in labour productivity aids economists in their understanding of the economy's recent and historical changes.
Real economic output per labour hour is the definition of labour productivity, also referred to as workforce productivity.
The change in economic output per labour hour over a predetermined time period serves as a proxy for labour productivity growth.
Employee productivity, a measurement of a worker's output, should not be confused with labour productivity.
To know more about labor productivity, click here:
https://brainly.com/question/1213282
SPJ4
