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What Does Labor Productivity Mean?

April 26, 2017dictionary Education glossary Investing Investment labor labor productivity mean productivity tutorials

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What Does Labor Productivity Mean?

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A measurement of economic growth of a country. Labor productivity measures the amount of goods and services produced by one hour of labor. More specifically, labor productivity measures the amount of real GDP produced by an hour of labor. Growing labor productivity depends on three main factors: investment and saving in physical capital, new technology and human capital.