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When balancing the politics of local government,some observers suggest that gains in administrative efficiency may come at the price of
Average Product
The average amount of output produced per unit of a specific input, like labor or capital, over a certain period.
Diminishing Returns
The principle stating that if one factor of production is increased while others remain constant, the overall returns will initially increase but will eventually decrease after a certain point.
Unit Of Labor
A measure of labor input, often referred to as one hour of work by an employee or worker.
Law Of Diminishing Returns
An economic principle stating that if one factor of production is increased while others remain constant, the overall marginal returns will eventually decrease.
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