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This could be measured by striking a ratio between the monetary value of output produced, and the number of hours worked to produce it (or the number of workers who produce it). This is called a "output/labour ratio". The ratio "GDP per capita" is also used by some as an indicator of how productive a population is.
Labour power can also be sold by the worker on "own account", in which case he is self-employed, or it can be sold by an intermediary, such as a hiring agency. In principle a group of workers can also sell their labour-power as an independent contracting party. Some labour contracts are very complex, involving a number of different intermediaries.
Labor-power might be seen as a stock which can produce a flow of labor. Labor, not labor power, is the key factor of production for Marx and the basis for earlier economists' labor theory of value. The hiring of labor power only results in the production of goods or services ("use-values") when organized and regulated (often by the "management ...
The sum of the labour force and out of the labour force results in the noninstitutional civilian population, that is, the number of people who (1) work (i.e., the employed), (2) can work but don't, although they are looking for a job (i.e., the unemployed), or (3) can work but don't, and are not looking for a job (i.e., out of the labour force).
Workforce productivity is to be distinguished from employee productivity which is a measure employed at the individual level based on the assumption that the overall productivity can be broken down into increasingly smaller units until, ultimately, to the individual employee, in order be used for example for the purpose of allocating a benefit ...
The labor force is the actual number of people available for work and is the sum of the employed and the unemployed. The U.S. labor force reached a record high of 170.7 million civilians in January 2025. [1] In February 2020, at the start of the COVID-19 pandemic in the United States, there were 164.6 million civilians in the labor force. [2]
Fordism is an industrial engineering and manufacturing system that serves as the basis of modern social and labor-economic systems that support industrialized, standardized mass production and mass consumption.
Work, labor (labour in Commonwealth English), or an occupation or job is the intentional activity people perform to support the needs and desires of themselves, other people, or organizations. [1] In the context of economics , work can be viewed as the human activity that contributes (along with other factors of production ) towards the goods ...