Examlex
Three-year-olds were shown a model of a room with a miniature stuffed dog placed behind a miniature couch. By using the model to locate an actual stuffed dog behind a couch in a real room, the children demonstrated their capacity for
Labor
Refers to human effort, both physical and mental, used in the production of goods and services.
Output
Output is the quantity of goods or services produced by a company, industry, or economy within a specified period.
Average Product
The output per unit of input, calculated by dividing total output by the quantity of inputs.
Law of Diminishing Returns
An economic principle stating that as additional units of a factor of production are added to a fixed amount of another factor, the incremental increase in output will eventually decrease.
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