Eco help on: GDP
GDP refers to one of the major determinants which would help any economy to determine the level of productivity. GDP for a particular nation would help in order to see the level or the rate at which the nations is growing (Loko & Diouf, 2009). Initially, the various resources with respect to a particular nation should be taken into consideration & then the efficiency of all those resources should be kept in mind which would help in order to highlight the level of productivity (Eichler, Grass, Ott, & Blochliger, 2006).
Productivity could be defined as the ratio of output over the input. More the output could be produced form a given set of resources higher would be the productivity for that particular nation (Loko & Diouf, 2009).
With reference to the Australian economy, productivity could be taken up in various ways. Some of the most common ways or determinants through which the productivity could be measured would be through labor productivity, levels of efficiency & use of high end technologies (Eichler, Grass, Ott, & Blochliger, 2006).
The first determinant to measure the productivity for The Australian Economy would be through labor productivity. Labor productivity refers to the level of production made by a labor by investing certain number of hours.
Labor productivity has high levels of relation with the economic growth of the Australian economy. Hence, it should be noted that a rise in the productivity of labor would clearly reflect the growth of the Australian economy (Eichler, Grass, Ott, & Blochliger, 2006).
Labor productivity in Australia has been the main focus for the past three decades. There are majorly two components which would help in order to increase the overall productivity. The two components would be effectiveness as well as the efficiency with regards to the various factors of production & capital deepening (Eichler, Grass, Ott, & Blochliger, 2006). By measuring the effectiveness along with the efficiency, the entire ratio of the output would be combined or accumulated with the input (labor, capital) & in case of the capital deepening; more amount of capital would be used along with each & every unit of labor. This would help in order to increase the overall productivity (Loko & Diouf, 2009).
The second determinant to productivity in regards to the Australian economy would be the use of high end technology. Initially, the information & the computer technologies were being used by the American Economies which have helped them in order to enhance their productivity. The Australian economy has also adopted the same, which has helped them in order to cut down the cost thereby leading to an increase in the levels of productivity (Loko & Diouf, 2009).
These two determinants have helped the Australian economy in order to increase the levels of productivity at quite a reasonable rate.
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