Examlex
Training is typically used to refer to teaching people how to perform tasks related to their present jobs, while development means teaching people broader skills that are not only useful in their present jobs but also prepare them for greater responsibilities in future jobs.
Total Product Curve
A graphical representation showing how total output of goods varies with changes in the quantity of a single input, holding all other inputs constant.
Average Product
The yield generated for every unit of a production input, determined by dividing the overall output by the amount of the input used.
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.
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