Discuss the importance of productivity in an economy.
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Discuss the importance of productivity in an economy. In your discussion, explain how education, research and development, and technology affect productivity.
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Thiss solution discusses the importance of productivity in an economy.
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Productivity is a term that is used to describe the efficiency by which an economy transforms input into output. There are many different ways by which productivity can be measured. In many manufacturing industries, productivity is measured by the number of hours it takes to produce a given product. In other industries such as service industries, productivity is mostly measured by the amount of profit that is generated by each employee and then divided by the salary of that particular employee.
Productivity is very ...
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