Examlex
The three main goals of public policy are
Diminishing Returns
is an economic principle stating that if one input in the production of a commodity is increased while other inputs are held fixed, a point will eventually be reached at which additions of the input yield progressively smaller, or diminishing, increases in output.
Labor Input
A measure of the amount of labor used in the production process, typically quantified in labor hours.
Total Product
The total output produced by a firm over a specific period as a result of input.
Marginal Products
The extra output generated from the inclusion of an additional unit of a particular input, while maintaining all other inputs at their current levels.
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