unemployment and productivity Flashcards

1
Q

what does the term unemployment refer to?

A

a person who:
1) is willing to work
2) is capable of doing the job
3) cannot find a job

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2
Q

define productivity?

A

the relationship between input and output.

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3
Q

formula for productivity.

A

output [production of goods/services
_________________________________________
input [capital, raw materials and labour]

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