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Given the quantities of an economy’s labor and capital resources, the better its technology, the greater the annual volume of goods and services it can be.
The main driver of productivity increases is technology-enabled innovation. In spite of this, productivity growth has strangely decreased as digital technologies have taken off. In economics, productivity is defined as the amount of output produced per unit of input, such as labor, capital, or any other resource. The economy is sometimes measured as a ratio of hours worked to gross domestic product (GDP).
To study trends in workforce growth, salary levels, and technological advancement, labor productivity can be further broken down by industry. Productivity increases have a direct impact on corporate earnings and shareholder returns. How well physical capital is used to produce products or services is examined using capital as a productivity indicator.
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