{"id":31975,"date":"2021-09-27T14:53:49","date_gmt":"2021-09-27T14:53:49","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=31975"},"modified":"2026-01-09T15:51:17","modified_gmt":"2026-01-09T15:51:17","slug":"input-growth-and-growth-of-total-factor-productivity-as-components-of-economic-growth","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/economics\/input-growth-and-growth-of-total-factor-productivity-as-components-of-economic-growth\/","title":{"rendered":"Input Growth and Growth of Total Factor Productivity as Components of Economic Growth"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n  \"name\": \"Aggregate Output, Prices, and Economic Growth (2025 Level I CFA\u00ae Exam \u2013 Economics \u2013 Module 3)\",\n  \"description\": \"This video lesson covers key macroeconomic concepts, including GDP calculation through expenditure and income approaches, and compares nominal and real GDP. It explores the aggregate demand and supply curves, macroeconomic equilibria, economic growth sources, and the production function approach. The lesson also analyzes the effects of aggregate supply and demand on the economy.\",\n  \"uploadDate\": \"2022-03-18T00:00:00+00:00\",\n  \"thumbnailUrl\": \"https:\/\/img.youtube.com\/vi\/XDs9kjMPKTo\/hqdefault.jpg\",\n  \"contentUrl\": \"https:\/\/www.youtube.com\/watch?v=XDs9kjMPKTo\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/XDs9kjMPKTo\",\n  \"duration\": \"PT1H00M32S\"\n}\n<\/script>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"How can the growth rate of labor productivity be described?\",\n    \"text\": \"The growth rate of labor productivity can be described as: A. the real GDP that a worker can produce per hour worked; B. the percentage change in the productivity of labor over time; C. the percentage change in the level of aggregate output in the economy.\",\n    \"answerCount\": 1,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The correct answer is B. The growth rate of labor productivity refers to the percentage change in the productivity of labor over time, where labor productivity itself is the real GDP that a worker can produce per hour worked.\"\n    }\n  }\n}\n<\/script>\n\n\n\n<iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/XDs9kjMPKTo?si=Nfhsjmel3gmIC1ex\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n\n\n\n<h2><strong>Input Growth<\/strong><\/h2>\n<p>Already, we are well aware that the productive capacity and potential GDP of an economy increase due to the following two reasons:<\/p>\n<ul>\n<li>the accumulation of inputs such as capital, raw materials, and labor used in the production process; and<\/li>\n<li>the discovery and efficient application of new technologies help yield more output from the same amount of input.<\/li>\n<\/ul>\n<p>This model of input growth entirely depends on a production function. It gives a quantitative connection between the amount of output the economy can produce and the amount of input to be used in the production process. This model also incorporates the issue of technology. Thus, a two-factor production model with capital and labor as the inputs results in the following mathematical expression:<\/p>\n<p>$$Y=A \u00d7 F(L, K)$$<\/p>\n<p>Where:<\/p>\n<p>Y = level of aggregate output in the economy.<\/p>\n<p>L = quantity of labor (or number of workers in the economy).<\/p>\n<p>K = capital stock in terms of structures and equipment employed in the production process.<\/p>\n<p>A = technological knowledge.<\/p>\n<div style=\"margin: 0 0 20px 0;\">\n  <a\n    href=\"https:\/\/analystprep.com\/free-trial\/\"\n    target=\"_blank\"\n    rel=\"noopener noreferrer\"\n    style=\"\n      display: inline-block;\n      border: 2px solid #1e63ff;\n      color: #1e63ff;\n      background: #ffffff;\n      padding: 10px 14px;\n      border-radius: 10px;\n      font-weight: 500;\n      line-height: 1.35;\n      text-decoration: none;\n    \"\n  >\n    Want to practice input growth and TFP questions using CFA Level I style scenarios? Try AnalystPrep\u2019s free trial now.\n  <\/a>\n<\/div>\n\n<h2><strong>Total Factor Productivity (TFP)<\/strong><\/h2>\n<p>This scale factor mainly reflects the portion of growth that isn\u2019t attributed to the effect of capital and labor inputs. The main factor that influences total-factor productivity is the change in technology. Also, it should be noted that like the potential GDP, total-factor productivity cannot be observed directly in the economy. We must, therefore, estimate it.<\/p>\n<p>Further, note that output in any economy highly depends on the inputs and technology involved. Moreover, more technologically advanced economies will yield more output from a given amount of input than their less technologically advanced counterparts. As a result, for the effect of total factor productivity to be assessed, two assumptions are necessary:<\/p>\n<ul>\n<li>assume that the factors of production have constant returns to scale. In such a case, doubling the inputs should also double the output; and<\/li>\n<li>assume that the total factor productivity exhibits diminishing marginal productivity with respect to any of the individual inputs.<\/li>\n<\/ul>\n<blockquote>\n<h3><strong>Question<\/strong><\/h3>\n<p>The growth rate of labor productivity can be described as:<\/p>\n<p>A. the real GDP that a worker can produce per hour worked; or<\/p>\n<p>B. the percentage change in the productivity of labor over time;<\/p>\n<p>C. the percentage change in the level of aggregate output in the economy.<\/p>\n<p><strong>Solution <\/strong><\/p>\n<p>The correct answer is <strong>B<\/strong>.<\/p>\n<p>Labor productivity refers to the real GDP that a worker can produce per hour worked. Hence, the growth rate of labor productivity refers to the percentage increase or decrease in the real GDP produced by a worker per hour worked.<\/p>\n<\/blockquote>\n<div class=\"notes_inv\"><hr>\n<p><em><a href=\"https:\/\/analystprep.com\/cfa-level-1-exam\/economics\/learning-sessions-curriculum-economics\/\">Economics &#8211; Learning Sessions<\/a><\/em><\/p>\n<\/div>\n<div style=\"text-align: center; margin: 32px 0;\">\n  <a\n    href=\"https:\/\/analystprep.com\/free-trial\/\"\n    target=\"_blank\"\n    rel=\"noopener noreferrer\"\n    style=\"\n      display: inline-block;\n      background-color: #1e63ff;\n      color: #ffffff;\n      padding: 12px 26px;\n      border-radius: 12px;\n      font-weight: 600;\n      font-size: 16px;\n      text-decoration: none;\n    \"\n  >\n    Start Free Trial \u2192\n  <\/a>\n\n  <div style=\"margin-top: 10px; font-size: 14px; color: #374151;\">\n    Practice production function and TFP questions including labor productivity and growth sources with CFA Level I style solutions.\n  <\/div>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Input Growth Already, we are well aware that the productive capacity and potential GDP of an economy increase due to the following two reasons: the accumulation of inputs such as capital, raw materials, and labor used in the production process;&#8230;<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-31975","post","type-post","status-publish","format-standard","hentry","category-economics","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Input Growth &amp; Total Factor Productivity | CFA\u00ae Notes<\/title>\n<meta name=\"description\" content=\"Understand the role of total factor productivity (TFP) in economic growth. 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