What is meant by the term "productivity"? What are the factors that determine labour productivity? How are living standards commonly measured among countries?How are living standards and productivity linked? b. During the 3-decade stretch from 1960 to 1990, Canada and South Korea devoted nearly identical shares of national income to investment spending. Nonetheless, South Korea outgrew Canada with a 7 percent growth rate of average annual income, while Canada had only a 2.5 percent growth rate. What could be the underlying explanation?