Answer:
Productivity
Explanation:
Productivity refers to the units of a commodity produced by a worker from the resources used to produced these commodities. Productivity refers to the variable which indicates or explain the variations in the living standards of the different countries. It is evident from the fact that different nation have different level of living standards, this is all because of the different level of productivity.
There are certain determinants of the productivity as follows:
(i) Human capital per labor
(ii) Natural resources per labor
(iii) Physical capital per labor
