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Productivity-improving technologies date back to antiquity, with rather slow progress until the late Middle Ages. Important examples of early to medieval European technology include the water wheel, the horse collar, the spinning wheel, the three-field system (after 1500 the four-field system—see crop rotation) and the blast furnace.
An explanation of the difference between efficiency and (total factor) productivity is found in "An Introduction to Efficiency and Productivity Analysis". [1] To complicate the meaning, operational excellence , which is about continuous improvement, not limited to efficiency, is occasionally used when meaning operational efficiency.
The difference (1.4% versus 1.5%) is caused by the different production volume used in the models. In the productivity model the input volume is used as a production volume measure giving the growth rate 1.063. In this case productivity is defined as follows: output volume per one unit of input volume.
The average product of labor is a common measure of labor productivity. [4] [5] The AP L curve is shaped like an inverted “u”. At low production levels the AP L tends to increase as additional labor is added. The primary reason for the increase is specialization and division of labor. [6]
Also in 2016, Quizlet launched "Quizlet Live", a real-time online matching game where teams compete to answer all 12 questions correctly without an incorrect answer along the way. [15] In 2017, Quizlet created a premium offering called "Quizlet Go" (later renamed "Quizlet Plus"), with additional features available for paid subscribers.
Average physical product (APP), marginal physical product (MPP) In economics and in particular neoclassical economics, the marginal product or marginal physical productivity of an input (factor of production) is the change in output resulting from employing one more unit of a particular input (for instance, the change in output when a firm's labor is increased from five to six units), assuming ...
The increase was primarily due to higher incentive compensation tied to the company's increased profitability. R&D accounted for 67% of total operating expenses.
A larger scale allows for a more efficient division of labour. The economies of division of labour derive from the increase in production speed, from the possibility of using specialized personnel and adopting more efficient techniques. An increase in the division of labour inevitably leads to changes in the quality of inputs and outputs. [11]