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Many times trade-offs are necessary to increase productivity. What are important trades-offs involving the inputs to productivity?

Jun 19th, 2015

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  • Productivity is essentially the efficiency in which a company or economy can transform resources into goods, potentially creating more from less.
  • Productivity can effectively raise living standards through decreasing the required monetary investment in everyday necessities (and luxuries), making consumers wealthier and business more profitable and in turn enabling higher government tax revenues.
  • Economists looking to measure this productivity within a given system generally leverage production functions to determine how different factors of production (i.e. inputs) affect the overall output.
  • The final important consideration in assessing productivity potential is the production-possibility frontier (PPF), which outlines the maximum production quantity of two goods in the scope of our current technological capacity and supply


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    Jun 19th, 2015

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