Essay about Economics: Labor Productivity
‘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 …show more content…
Companies use different strategies to improve efficiency and productivity; changing management structure and financial incentives for workers are two common strategies that focus on the workers. Quality programs are often utilized to reduce wastes and produce more at a lower overall cost. Companies use goal setting, planning and organisation to ensure the best productivity rates.
It is critical that businesses understand what factors can negatively impact productivity-- things like a small labour pool, not using new technology for production gains, and lack of adequate worker training and support—and address these issues to be most productive.
One final note that is extremely important is that utilizing the very best resources at the optimal quantity without proper planning and scheduling to most efficiently utilize each of these resources is directly opposed to increasing productivity. Effective utilisation of these finite resources is crucial for most efficient operations. (Shehata/El-Gohary, 2011, pages 321-330) QUESTION 4
To what extent is urban