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.

How does greater productivity affect our standard of living?

What is the relationship between machines, skilled manpower, and productivity?

What are the key ingredients that have enabled us to double our production in the past dozen years?

In what ways has our constant increasing productivity resulted in more goods?

What does the phrase 'more people at prices we can afford to pay' imply about the economy?