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Economics: Labor Productivity

QUESTION 3
‘Labour productivity in the construction sector is dependent upon the quantity and quality of resources employed.’ Explain this statement.

Labour economics is most concerned with studying the labour force as one of the prime elements in the process of production. Productivity is the measurement of efficiency, and it is figured by calculating the quantity of goods produced by the quantity of resources, labour and capital that are required to produce them. Some of the resources are more difficult to quantify than others. For example, labour can be easily quantified by counting the number of workers and man hours utilized on a project, and capital outlay expenses are fairly easy to track.

More difficult to figure out are increases in productivity due to factors like increased efficiency of the labour market as employees become more skilled, or utilize better equipment or other resources to improve their efficiencies in the workplace. In industrialized countries, increased efficiency is also seen as economic development; specifically as technology enables surges in effici…

 

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