LABOR PRODUCTIVITY AS AN INTEGRAL PART OF INNOVATIVE ENTREPRENEURSHIP

Aim of the study: Labor productivity is one of the main indicators of human labor activity, characterizing the productivity, efficiency and effectiveness of the process of production of tangible and intangible benefits. The level of labor productivity depends on the cost of working time for the production of goods and services, their volumes, cost, price, i.e., those indicators that determine the competitiveness of products in the markets. Labor productivity is the indicator by which enterprises, regions and industries can be compared with each other. Methodology: In determining the economic essence of labor productivity should be primarily based on the fact that the labor spent on the production of goods and services, consists of live labor, carried out at the moment and the past labor, embodied in the previously created goods (materials, means of production), which are used to produce new products. Conclusion: Productivity of live labor reflects the cost of individual labor and is determined by comparing the volume of production with the amount of labor spent. The function of live labor is not only the creation of new use value, but also the transfer of working time materialized in the material elements of production to the newly created product.