Examlex
The linkage between a series of suppliers and consumers in a value chain involves the complex interaction of operations, sales, and services.
Labor
The human effort, whether physical or mental, that is used in the production of goods and services.
Law of Diminishing Returns
An economic principle stating that adding more of one factor of production, while keeping others constant, will at some point yield lower per-unit returns.
Marginal Product
The additional output produced as a result of utilizing one more unit of input, holding all other inputs constant.
Total Product
The total quantity of output produced by a firm or an economy within a certain period, often considered in relation to inputs used.
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