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Economists commonly use the term recession to mean either a period of two successive calendar quarters each having negative growth [clarification needed] of real gross domestic product [1] [2] [3] —that is, of the total amount of goods and services produced within a country—or that provided by the National Bureau of Economic Research (NBER): "...a significant decline in economic activity ...
the intensity of labour-effort, and the quality of labour effort generally. the creative activity involved in producing technical innovations. the relative efficiency gains resulting from different systems of management, organization, co-ordination or engineering. the productive effects of some forms of labour on other forms of labour.
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
Productivity growth is a crucial source of growth in living standards. Productivity growth means more value is added in production and this means more income is available to be distributed. At a firm or industry level, the benefits of productivity growth can be distributed in a number of different ways:
Economic growth may be defined as a production increase of an output of a production process. It is usually expressed as a growth percentage depicting growth of the real production output. The real output is the real value of products produced in a production process and when we subtract the real input from the real output we get the real income.
This example of production holds true to this common understanding as production is subject to the four factors of production which are land, labour, capital and enterprise. [8] These factors have the ability to influence economic growth and can eventually limit or inhibit continuous exponential growth. [9]
U.S. job openings rose unexpectedly in November, showing companies are still looking for workers even as the labor market has cooled overall. Openings rose to 8.1 million in November, the most ...
In economics, total-factor productivity (TFP), also called multi-factor productivity, is usually measured as the ratio of aggregate output (e.g., GDP) to aggregate inputs. [1] Under some simplifying assumptions about the production technology, growth in TFP becomes the portion of growth in output not explained by growth in traditionally ...