Examlex
What improves business process efficiencies by simplifying or eliminating unnecessary steps?
Marginal Product
The boost in production resulting from one more unit of input.
Total Product Curve
A graphical representation showing how the total quantity of output produced by a firm varies with the quantity of a variable input, keeping all other inputs constant.
Average Product
The output per unit of input, such as the quantity of goods produced per unit of labor.
Diminishing Returns
An economic principle stating that as investment in a particular area increases, the rate of profit from that investment, after a certain point, cannot continue to increase and may decrease.
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