Answer:
The correct answer would be option B, For both nations and individuals.
Explanation:
In determining the living standards, productivity plays a key role for both nations and individuals.
Productivity is basically the measure of being productive. When the effectiveness of a productive effort is measured in terms of the output it generates, this is called productivity. For example, we can say that this new machinery will be able to product 40% more units of the product. This means, the effectiveness of the new machinery is 40% more now in terms of its output.
Now in this example, productivity plays a key role for both nations and individuals. When effectiveness of a productive effort increases, it will directly impact the company, employees of the company, the economy of the country and thus the whole nation and their living standards. Productivity helps in generating more GDP for the economy, and thus also helps in the growth.
