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Total factor productivity |
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Total factor productivityA measure of the output of an industry or economy relative to the size of all of its primary factor inputs. The term, and its acronym TFP, often refers to the growth of this measure, as measured by the Solow residual. See also Hicks-neutral technical progress.Similar MatchesProductivity of laborProductivity of laborSee labor productivity. ProductivityProductivityThe amount of output per unit of input, such as the quantity of a product produced per hour of capital employed. Labor productivityLabor productivityThe value of output per unit of labor input. The reciprocal of the unit labor requirement. ProductivityProductivityOutput per unit of input, usually measured either by labor productivity or by total factor productivity. |
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