F.4 econ

Productivity refers to how fast/efficient the labour can produce. It is affected by some factors such as:
Introduction of machineryDivision of labourThe quality of labouretcOpportunity cost is the cost of giving up something when you choose to do another thing with the resources given. For e.g: You have 3 hours free, you can choose to attend a movie or study. If u choose study, the OC for it is movie.

Labour productivity means the amount of production of goods and products produced by a laborer or worker during a given period of time (total outputs per man-hour).It helps the economists measure the productivity and the efficiency of the workers.

Factors affecting labour productivity are methods to boost productivity in general, including:
1) extent of mechanization
2) availability of capital (capital goods)
3) extent of the division of labour
4) skill and ability (education level) of the workers
5) working environment

Opportunity cost refers to the highest valued option forgone, which is the highest valued alternative use of resource (resources in full cost) that you give up. A change in the opportunity cost will only occur with the change of the highest valued option forgone which is of a different value or the change
in the value of the highest valued option forgone.