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@Business.Upside · Posted 08 Feb. 2021

In an economy, higher productivity leads to higher real income, the ability to enjoy more leisure time, and better social services, such as health and education–all leading to higher living standards. Surplus value refers to the difference between returns and costs. Increased productivity means greater output from the same amount of input. From a broader perspective, increased productivity increases the power of an economy by driving economic growth and satisfying more human needs with the same resources.