Growing productivity creates more products at lower prices

The video explains that high living standards are achieved through increased productivity, where more goods are produced per hour of work. This is facilitated by the use of machines, skilled manpower, and effective management, which have doubled production over the past twelve years. The result is a greater availability of goods at affordable prices, benefiting more people.

What is the key factor in maintaining a high standard of living according to the video?

• Government subsidies

• Higher taxes

• Increased productivity

• More leisure time

Which combination is essential for achieving greater productivity?

• Manual labor and traditional methods

• Skilled manpower and managerial expertise

• Increased working hours and fewer breaks

• Machines and unskilled labor

How has production changed over the past dozen years?

• It has doubled

• It has tripled

• It has remained the same

• It has decreased significantly

What is one of the results of increased productivity?

• Fewer goods available

• More goods available at affordable prices

• Higher prices for goods

• Decreased quality of goods

Who benefits from the increased variety of goods produced?

• A limited number of people

• More people

• Only the wealthy

• Only the producers