Discover how applied technical efficiency and capital goods boost labor productivity, and gain actionable insights on improving workforce efficiency.

The economic theory of factors of production encompasses all of the resources and inputs that go into the manufacturing of products. Apart from direct inputs such as materials and labor, factors of ...

Average product measures your productivity with a particular number of workers. To calculate the average product, you need the total product. For example, the total product for a factory might be the ...

Total factor productivity—a measure of the efficiency with which labor and capital are used—has fallen during the current recession. But, after adjustment for lower utilization of labor and capital, ...

Discover how factor income, from rents, wages, and profits, impacts GDP and GNP. Learn its role in income distribution and ...

The estimator must determine the quantity of each item required to complete the job, the cost of each item, and how many labor hours it will take to install each item ...

With labor being the greatest risk in construction, a full understanding of labor components will provide the estimator with the ability to determine a project’s labor costs as accurately as possible.

This paper examines the proposition that U.S. manufacturing experienced biased technical change during the period 1850-1919. Tests for bias, in Hicksian terms, are conducted using the translog cost ...