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Locate the following places by reference number on the map:
The Settlement of the Northern Colonies, 1619-1700
-____ Rhode Island
Marginal Product
The extra production achievable by incorporating an additional unit of a particular input, assuming all other variables remain constant.
Average Product
The output per unit of input, calculated by dividing total output by total input.
Diminishing Marginal Returns
Diminishing Marginal Returns is an economic principle stating that as additional units of a factor of production are added to a fixed amount of other factors, the incremental increase in output will eventually decrease.
Marginal Product
The additional output that results from using one more unit of a specific input, keeping other inputs constant.
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