Your Television Set, Your Shoes, Even the Roast Lamb on Your

question 193

Short Answer

Your television set, your shoes, even the roast lamb on your dinner table is likely to be the result of
importing.
subsidies.
foreign exchange.
a trade deficit.
exporting.

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Definitions:

Law Of Diminishing Marginal 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 if other variables remain at a constant.

Total Output

The overall quantity of goods and services produced in an economy within a specific time frame.

Units Of Input

Quantitative measures of the resources used in the production of goods or services.