The greater the number of people in the labour force, and the greater the time that they spend at work each week, the greater the output that can be produced without triggering inflation. And the higher the level of investment in machinery, equipment, and structures, again, the greater the output that can be generated without leading to inflation.
Of course, there is more to productivity than just the quantity of labour and capital. Quality matters as well. Improved education and training of the labour force can make a big difference in terms of the productivity gains that can be realized over time, as can the way a company organizes itself to get the work done.