Explain how the following factors will change labor productivity: Saving and investment in capital. Advances in...

Explain how the following factors will change labor productivity:

Saving and investment in capital.
Advances in technology.
Increase in human capital.

Solutions

Expert Solution

a.Higher saving can help higher finance level of investment which boost labor productivity for a long term.because if people of a country save more,it help banks to lend more to firm investment.An increase in investment leads to increase in productivity as wella as in profits of the firm.

b.yes advances in technology change the productivity.With the advancement of technology workers today are more productive.The impact of technology on production is increases by a great speed.for example:-with the invention of new machinary many works are done in few mintues that was done by workers in hours.tablet computer,smartphone,the laser,automobile etc are the basic exmaple of advance technology.

c.human capital means the educated & highly skilled employees.highly skilled have a good impact on productivity.A skilled worker can do better work than a usual worker.He can help in increasing productivity as well as profit of the firm.

hope this will help you.It it really does then please give a thumbs up

Rahul Sunny answered 1 year ago

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