Labor productivity

Labor productivity is the amount of goods or services produced per worker or per hour worked. It measures output relative to labor input, not how hard individuals work.

Gross domestic product: The market value of final goods and services produced within a country during a period. National productivity estimates often divide real GDP by hours worked.
Real wages: Wages adjusted for changes in the prices of goods and services. Long-run wage growth is often compared with labor productivity growth.
Production function: A relationship describing how inputs such as labor and capital produce output. It provides a framework for relating labor input to production.
Multifactor productivity: A measure of output relative to a combination of inputs, commonly labor and capital. Unlike labor productivity, it accounts for more than labor input.
Hours worked: The total time people spend working during a specified period. Hours worked provide the labor-input denominator for hourly productivity.
Unit labor cost: The labor cost required to produce one unit of output. It relates compensation and productivity to firms’ production costs.
Labor input: The amount of work used in production, measured by workers, hours, or adjusted labor services. Productivity depends on which measure of labor enters its denominator.
Labor efficiency: How effectively labor time or effort is used to perform a task. Efficiency concerns work practices; productivity compares measured output with labor input.
Total factor productivity: The portion of output growth not accounted for by measured labor and capital inputs. It separates labor productivity gains associated with other inputs and efficiency.
Economic growth: An increase in an economy’s production of goods and services over time. Rising output per hour is a major source of growth in living standards.

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