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Homework answers / question archive / Discussion Topic As you have learned in this module, consumers and producers make decisions to maximize their own well being

Discussion Topic As you have learned in this module, consumers and producers make decisions to maximize their own well being

Economics

Discussion Topic

As you have learned in this module, consumers and producers make decisions to maximize their own well being. In the case of consumers, they try to maximize their satisfaction or utility. In the case of producers they try to maximize profits. An important concept underlying profit maximization is productivity. Usually more productivity leads to more profits. It can also lead to higher wages for workers. 

Interestingly, labor productivity in the US has not been increasing as much as recently. Economists have several theories to explain this trend: aging population, slower rate of technological change, less job development in small, innovative companies to name a few. In reality, all of these factors play a part and the debate continues. 
 

For this discussion post, please check out this data and then answer questions on GDP per hour worked (which is a measure of productivity) at the OECD (Organization for Economic Cooperation and Development) on GDP per hour worked.  (Links to an external site.)Please select "table" to see data for a list of the countries.

  • Select a country other than the US and comment on its rate.  How has it changed over time? What is it now?
  • Does this trend or rate surprise you or concern you? Why or why not?
  • How does it compare to the US? Is it higher, lower, about the same? Why would this be?
  • What can be done to improve productivity? 

 

  1. Post your answer to all of these questions.
  2. After posting to the discussion, please be sure to comment on what you like about at least two other students’ posts. 

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