What is productivity? Productivity refers to the rate of output per worker or per machine in a factory (Bateman & McAdam, 2006). It describes a…
There is no doubt that resources are limited. This scarcity of resources often makes the lives of decision makers very difficult. Therefore, economists focus on…
Economists recognize different types of economy (economic systems) and classify them in a number of ways. According to Hill (2012, p.52), there are ‘three broad…